Transactions in IBA Shares for 286,400,000 AZN
Since May of this year, the volume of transactions in the secondary market shares has been growing rapidly. Experts say this is due to the credit scandals of the International Bank of Azerbaijan.
According to the State Securities Committee (http://goo.gl/oZS5ds), for the first nine months of this year the volume of secondary market shares of Azerbaijani companies amounted to 350 million 287.3 thousand AZN, 7.8 times more than In January-September 2014. Operations on secondary trading of shares worth AZN 63.8 million were done through JSC National Depository Center (NDC) for the period (http://mdm.az/index.php?r=26&lang=az). Operations only amounting to 9 million AZN were processed through the Baku Stock Exchange (http://bfb.az/).
Besides NDC, securities depository functions are performed by the company Corporate Trust Agency which serves OJSC International Bank of Azerbaijan. Therefore, experts suppose that the turnover of shares, which bypassed NDC, relates to the shares of IBA. Perhaps the shareholders of the bank, which had debts on loans to it, sent the shares in the amount of 286.4 million AZN to repay the loans.
Note that IBA does not disclose its shareholders. -----08B
Economics
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