Shareholders of OJSC Capital Bank have three days

BSE published the prospectus of the shares of Capital Bank totaling 10 million manat. According to this document, registered by the State Committee on Securities, the current shareholders have three days to purchase the shares.

   The prospectus states that offering may be commenced not earlier than 15 days after the release of information about its registration (June 29). At the same time placing a specific date will be announced by the bank through its website (www.kapitalbank.az). Results for the full allocation of the shares will be determined by the 365-day period.

   Note that after privatization (2008) Capital Bank has never paid dividends to its shareholders. At the time of issuance, there were 166 registered shareholders, including all individuals with the exception of one legal entity (LLC Pasha Holding). In the process of privatization attended by about 2,500 bank employees, they sold their shares to Pasha Holding, which owns a 99.80% stake in the bank.

   Underwriter of the IPO is performed by the brokerage company Chelsea Capital.

   At the par value of AZN 10 the market value of shares of Capital Bank is in the range of 18-20 manat.

   The payable debt of Capital Bank is 1.2 billion manat. The receivables are not reported. – 08B-