TODAY.AZ / Business

Placement terms of Azerbaijan's largest bank extended until July

27 June 2014 [13:45] - TODAY.AZ
The State Committee for Securities of Azerbaijan has extended a placement term of the shares of the International Bank of Azerbaijan (IBA) for two months, according to the Baku Stock Exchange.

In connection with this, the completion date of this placement should be considered July 25 2014, not March 25, the report said.

Public offering of the remaining shares of the IBA at the total amount of about 5.34 million AZN was started since April 14 at the BSE, from the issued prospectus registered in the amount of 200 million AZN.

Prospectus includes 20,533,312 shares at par value of 0.26 AZN, which have remained unsold after the expiration of the period of priority issuer.

Originally prospectus shares worth little more than 200 million AZN, which began with the December 12, 2013 offering, included 769,230,775 shares of the same value.

The underwriter of the placement is the "International Transaction System" LLC.

Earlier, the IBA shareholders adopted the concept of increasing the authorized capital by 500 million AZN for four years. After the initial capital increase by 200 million AZN, it is panned to further increase the capitalization of the IBA up to 100 million AZN annually.

IBA was founded in January 1992, and currently is the largest bank in the country. The bank's main shareholder is the Azerbaijani government, which owns a 50.2 percent stake, while 49.8 percent of the shares are owned by private physical and legal entities.

The official exchange rate on June 25 is 0,7843 AZN / USD.



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