IBA gets right to recapitalise

The State Securities Committee (SSC) of Azerbaijan has registered the prospectus issue of ordinary registered shares of the International Bank of Azerbaijan (IBA) to the sum of 100 million manat, the Committee's statement said. The prospectus states that 416.67 million shares at 0.24 manat each were issued.

As a result of the placement of the issue, the IBA authorised capital will increase from its current 240 million to 340 million manat. By law, the placement of shares of the prospectus may be conducted during the year.

Previously, as first deputy chairman of the IBA Emil Mustafayev told Trend, the Ministry of Finance has paid the government stake in the bank.

"With reference to the other shareholders, after they officially get the right, they will be eligible within a year to carry out their part of investment in capital," the first deputy chairman of the IBA said.

The International Bank of Azerbaijan was founded in January 1992 and is the largest bank in the country. The main shareholder is the Government of Azerbaijan, which owns 50.2 per cent stake with 49.8 per cent being owned by private individuals and legal entities.


/Trend/