One of Most Unpopular Offerings of IBA Completed

The placement of shares of OJSC International Bank of Azerbaijan is being completed. The total amount of the acquired shares is 51,094,916 AZN of the 100 millon manats of the issued shares.

The current issue of shares became the most unpopular among existing shareholders. According to the Baku Stock Exchange on June 25 the placement of the shares was attended by 46 of about 1,600 shareholders.

In general, the issue of shares of IBA can be considered valid as the state represented by the Ministry of Finance acquired a proportionate share of the bank's capital - 51.07%. In compliance with the law, the issue shall be effective if 50% + 1 share is acquired.

The shares of IBA began with the 29^th of March.

Prior to the placement of shares the authorized capital of IBA stood at 590 million 192.3 thousand manats.

In March, the shareholders decided on a share issue worth 200 million manats.

The nominal value of the shares of OJSC International Bank of Azerbaijan is 0.27 manats. However, the market value of these shares does not exceed 0.15 manat. -0--