Report Published on Placement of IBA Shares

OJSC International Bank of Azerbaijan has announced the results of the latest public offering completed on June 10.

According to Turan, the public offering is considered valid as the state represented by the Ministry of Finance acquired a proportionate block of shares - 51.07%.

Through the stock exchange there were sold 189,200,000 shares with a total nominal value of 51 million 94.9 thousand manat. The public offering was performed at the par value of 0.27 manat. At the same time, according to investors, the market value of the IBA shares is not higher than 0.13 manat now.

The public offering was attended by 46 investors. The bank has more than 1,500 shareholders, including foreign physical entities.

At present the paid-up share capital of OJSC International Bank of Azerbaijan is 641 million 128.2 thousand manat.

This year the bank despite the banking legislation has not announced the financial report for the first quarter and, therefore, its overall financial situation is unclear, although it is considered to be extremely negative. Therefore, a presidential decree was recently signed on the transfer of illiquid assets to the management of the state-run CJSC non-bank credit organization Agrarkredit. ------08B