Bank SilkWay doubles share capital

Bank SilkWay doubles share capital
# 16 December 2008 15:31 (UTC +04:00)
Bakı. Nicat Mustafayev – APA-Economics. The State Committee for Securities registered the issue prospectus of ordinary registered book-entry stocks of “Bank Silk Vay” OJSC.
The volume of the issue is 10 000 000 AZN, face value per stock 100 AZN. According to the issue prospectus, placement will be held through public subscription at the Baku Stock Exchange.
«Standard Capital » LLC will be the underwriter of placement of stocks.
Those intending to purchase stocks can apply to an organization being the member of “Baku Stock Exchange” CJSC and having a brokerage license.
Placing is expected to start in December.
If realized successfully, the bank’s authorized share capital will double to AZN 20 million.
SilkWay Bank (Former AZAL Bank) has been in operation since 1993.
Its name was changed after Azerbaijan Airlines (AzAL) sold the controlling stake to its subsidiary SilkWay Holding.
The bank is owned by SilkWay Holding (83.66%) and individuals. The bank has 9 branches.