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Gandja Bank to raise share capital by 50%

Gandja Bank to raise share capital by 50%

28 January 2009 14:16 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan State Committee on Securities has registered Gandja Bankâ€™s issue prospectus of book-entry ordinary registered shares.
The face value per stock is AZN 20, the total number is 250 000 and the amount AZN 5 million.
The issue will be realized through public offering on Baku Stock Exchange.
Exchange analysts say the placing is expected to start in February.
If successful, the companyâ€™s authorized capital will rise by 50% to AZN 15 million.
Gandja Bank has been in operation since 1994.
As of January 1, its asset stood at AZN 30.9 million, loan portfolio at AZN 24.9 million, deposit portfolio at AZN 2.4 million, total capital at AZN 11.2 million and authorized capital at AZN 10 million.

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