Shareholders of Capital Bank decided on the additional issue

JSC Capital Bank brings its authorized capital to AZN 150 million through the issue of shares worth 70 million manat. This is the third issue of shares after the privatization of the bank in 2007.

The decision on the issue was taken at January 15th general meeting of shareholders of Capital Bank with the participation of only one shareholder - LLC Pasha Holding: minority ( about 170 individuals) as in the previous ones, were not admitted to the meeting . The bank's management has not seen fit even to send them notice of the General Meeting.

When privatization authorized capital of Capital Bank was 20 million manat. In 2010 and 2013 were carried out by two additional issue of 30 million manat. As a result, the share holders of minority interests fell to 0.02%.

It is noteworthy that by 31 June 2013 Capital Bank had retained earnings of approximately 80 million manat, which can freely be directed to increase the authorized capital . In the first half of 2013 balance sheet profit exceeded 15 million manat. Shareholders do not receive dividends immediately after the privatization of the bank.

Minority shareholders of the bank argue that the holding controlling the bank is trying to "wash them out" by additional issues in which they cannot participate due to the lack of finance. LLC Pasha Holding buys shares worth tens of millions of manats in three days of trading on the Exchange. - 08B-