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Azerbaijan State Securities Committee announced United Credit Bankâ€™s stock issue ineffective

Azerbaijan State Securities Committee announced United Credit Bankâ€™s stock issue ineffective

15 January 2009 15:56 (UTC +04:00)

Baku. Nijat Mustafayev-APA-Economics. Azerbaijanâ€™s State Securities Committee has announced the stock issue of United Credit Bank CJSC as invalid.
According to the legal framework, the issue is considered valid after the major part of placed shares makes 50% of the issue.
â€œUnder the shareholdersâ€™ general meeting, period of the issue expiration was due on January 1. Taking into account that the shares were not placed for the indicated period the issue is considered invalid,â€ said the Committee.

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