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 -
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review