Repayment of record issue of IBA shares postponed to July 25

The International Bank of Azerbaijan (IBA) has failed to repay the entire amount of the additional December issue of shares for 200 million manat. Full repayment of the term has been postponed until July 25 this year.

According to the Baku Stock Exchange (BSE), the accommodation commenced on 12 December last year. Until April 14 shares for 194 661 340.38 manat were bought, and then began an unsuccessful offering of securities in the amount of AZN 5 338 661.12, given the pre-emptive right to be purchased by the issuer.

In the case of redemption of the entire volume of the additional issue, the charter capital of IBA will reach 568,333,337 manat (+ 54.3%).

The decision to gradually increase the authorized capital by 500 million manat in four years was adopted by the IBA shareholders in October last year. Experts hope that by July 25 the declared amount of emission of 200 million manat will be fully mastered. In the next three years, the bank will be able to place shares by 100 million manat each.

The country's largest bank IBA was founded in 1992. The controlling stake (50.2%) of its shares is owned by the state and 49.8% is owned by private shareholders. IBA shareholders are 14 legal entities and 1,556 individuals. - 17D-

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