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International Bank of Azerbaijanâ€™s stocks to be offered from next week

25 August 2008 13:16 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Starting from September 01, 2008 the placement of ordinary registered stocks of International Bank of Azerbaijan will be started on Baku Stock Exchange.
The volume of the issue is AZN 100,000,000, the face value per stock AZN 0.20.
According to the issue prospectus, placement will be held by means of the initial public offering on Baku Stock Exchange. â€œInternational Transaction Systemsâ€ will be the underwriter of stocks placement.
As provided in the issue prospectus of the stocks, the shareholders of the Issuer have the right of priority during 10 months to acquire the stocks to be placed in proportion to their equity positions in the authorized capital.
Those intending to purchase the stocks can apply to an organization being the member of CJSC â€œBaku Stock Exchangeâ€ and having a brokerage license.
If successful, the bankâ€™s share capital will double to AZN 2 000 million.
As of July 1, the bankâ€™s assets stood at AZN 3 635.842 million, loan portfolio at AZN 2 602.101 million, deposit portfolio at AZN 1 949.376 million, total capital at AZN 270.645 million and authorized capital at AZN 100 million.
International Bank of Azerbaijan has been in operation since 1992. As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).