Finance

Finance

Mughan Bank raises capital by 42%

13 March 2009 07:36 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The State Committee for Securities registered the issue prospectus of ordinary registered book-entry stocks of â€œMuganbankâ€ OJSC.
The volume of the issue is 5 000 000 AZN, face value per stock 200 AZN. According to the issue prospectus, placement will be held through the public subscription on the Baku Stock Exchange.
Placement of stocks will be started from March 29 of 2009.
Â«Tekhnika Capital ManagementÂ» LLC will be the underwriter of placement of stocks.
The successful completing of placing will boost the bankâ€™s authorized capital by 41.6% to AZN 17 million.
As of January 1, Mughan Bankâ€™s assets stood at AZN 100.747 million, loan portfolio at AZN 66.40million, deposit portfolio at AZN 39.986 million, total capital at AZN 14.871 million and authorized capital at AZN 12 million.
Mughan Bank has been in operation since 1992. The bank operates 25 branches, 26 ATMs and 62 POS-terminals.