Placement of shares of IBA completed
The Management Board of the International Bank of Azerbaijan has announced completion of the placement of 416.7 million shares with a total nominal value of AZN 100 million.
According to the published report by the bank, the shares were placed ahead of schedule - on April 11. The shares on BSE started placement from 4 June 2012, and could have been completed within one year. Current shareholders can buy at face value until the 4th of April. On April 11 the four transactions were sold again at par (024 AZN) worth 7 952 854.08 manat.
JSC IBA brought the authorized capital to 340 million manat, 50.2% of which belongs to the state. In the public offering took part 422 of the 1,800 shareholders.
For 2012, the bank had a consolidated net profit of about 53 million manat. In addition, the bank has not distributed nearly 8 million manats. Management has proposed to the Supervisory Board to issue dividends to shareholders in 1 gepik per share (in excess of 15 million manat). The remaining funds are requested to send to the capital increase. Perhaps this will be accomplished by increasing the nominal value of the shares. - 08 -
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