Turanbank got new shareholders

Investment fund ShoreCap II Ltd. managed by Equator Capital Partners LLC became a shareholder of JSC Turanbank. This is stated in a statement.

As it became known to Turan from its own sources , ShoreCap II Ltd became a shareholder of Turanbank by purchasing 81.9% of the last issue of 1321 shares at a price per share , or 22% above the nominal value.

Recall that in late November last year, the State Committee for Securities registered the issue prospectus of ordinary registered 3697 uncertified shares of Turanbank with par value of 1082 manats. The issue was placed on the BSE with six transactions (six investors) and its ultimate cost was 4,724 million manat. It is noteworthy that in addition to those shares, the fund ShoreCap II Ltd bought 10 more shares of the same issue at 1101 manat per share. According to the Civil Code a new issue is offered to existing shareholders at a price not exceeding the par value. By this logic, we can assume that ShoreCap II Ltd did not become the sole shareholder of the new bank. In the bank, they declined to comment on the matter.

After placement of the latest issue, the shareholders' equity stood at 44 million manat, respectively ShoreCap II Ltd became the owner of 7.45 % of its shares.

According to the latest prospectus, Turanbank's shareholders were 22 individuals and five legal entities. - 15B -

 

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