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Registered Share Issue of International Bank of Azerbaijan
OJSC International Bank of Azerbaijan (IBA) will begin in the near future to accommodate the next batch of shares having an aggregate nominal value of 200 million manats. November 25 there was registered an issue of shares of the bank for that amount, despite the warning of the IMF.
The total production is 769,230,775 shares with par value of AZN 0.26. As a rule, the IBA announces shares within 12 months, the first 10 of which provides for the use of the existing shareholders' superiority rights. The previous issue of shares (416,666,600) of the Bank was completed in April this year. Then nominal value of the shares of the bank was 0.24 manats.
The State Committee for Securities registered the new issue under number AZ1003004582. Currently the paid-up share capital of IBA is over 368 million manats.
Note that the decision to increase the authorized capital was taken at an extraordinary general meeting of the shareholders held on October 18 this year. The shareholders decided to gradually raise the authorized capital to 500 million manat for 4 years. In the next three years, the bank's capital will be increased by 100 million manat. The Bank is actually under the control of the government (controlling stake of its shares is owned by the state). Therefore, the International Monetary Fund opposed the government's decision and advised them to carry out pre-privatization restructuring of the bank's assets and not undertake the capital increase in this period. As you can see, the government does not listen to the advice of the IMF. Commenting on the issue of IBA shares for Turan today, the Finance Minister Samir Sharifov said that "the IMF recommends, but the decision is taken by the government."
IBA was established in 1992, based on the Azerbaijan branch of Vnesheconombank of the USSR. The Azerbaijan Ministry of Finance controls 50.2 % of the shares. IBA is a group of companies, which includes the bank in Azerbaijan and two subsidiaries in Georgia and Russia, insurance, leasing and processing companies. The Bank participates in the capital of several commercial structures.
Currently per share of IBA on the market is given no more than 0.20 AZN at the nominal of 0.26 manats. - 08D-
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- 26 November 2013 10:30
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- Economics
- 26 November 2013 11:23
Economics
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