The failure of the issue of "Parabank" shares

Issue of shares  of the family bank of JSC  "Parabank" in the amount of 16 million manat failed. Over a year  the bank failed to place 50% of the additional  issue of shares.

State Securities Committee recognized invalid emission  of shares of "Parabank", which belongs to the family members  of Eldar Guliyev and several other individuals and legal entities.

Currently paid-up share capital is 11 million 570.4 thousand manat, including 2.3 million manat - preferred shares. At the same time since 2003 the bank paid dividends on preferred shares only.

Prior to 2015, the minimum authorized capital of commercial banks should be raised to 50 million manat. Only a few of the 43 banks failed to comply with this requirement of the Central Bank.

In April this year  the JSC  "Parabank" started  placing unsecured corporate bonds worth 13 million manat, which will be in circulation for 7 years. Bank had to pay him 15%. Analysis of the daily trading sessions of the  Baku Stock Exchange (BSE)  shows that investors have shown little interest in securities  of "Parabank", creditor debts  of which exceed 100 million manat. --08D--

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