(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 24. The
International bank of Azerbaijan (ABB) has held a briefing to
discuss the outcomes of its recent share issuance, Trend reports.
The briefing focused on the results of the bank's share
issue.
Chairman of the Board of the International Bank of Azerbaijan
Abbas Ibrahimov said that more than 33 thousand investors have
purchased shares of ABB.
"The decree lifting restrictions for Azerbaijani citizens
regarding ABB shares aims to attract private investment into
national projects and carries important strategic goals. One of the
primary objectives is to broaden citizen participation in the
management of corporate structures and foster the development of a
quality equity market in our country. We take pride in achieving
these goals while the state remains the main shareholder. The key
aim is to ensure that as many citizens of Azerbaijan as possible
can invest in ABB shares," he stated.
The chairman noted that the growth in shareholders signifies the
development of equity markets in Azerbaijan, which, in turn,
supports economic progress.
He went on to add that the International Bank of Azerbaijan will
continue its active participation in market processes.
“ABB will actively engage in market processes. Our offerings for
clients are also constantly improving, allowing us to double the
effectiveness of their investments. This certainly places
additional responsibility on us. In the near future, we will
introduce the ability to form a secondary market on our platform.
Users familiar with the primary market processes know that we have
a special listing. This listing includes a dedicated section for
the Azerbaijani market as well as a separate category for other
markets. On this platform, it will be possible to buy and sell not
only ABB shares but also, we hope, new securities that will be
offered in the future,” he said.
According to the chairman, integration between the exchange, the
National Depository, and other banking applications is nearing
completion.
ABB's share subscription period, which ran from June 11 through
September 10, 2024, was held as part of a new issue of 322 million
shares, each with a nominal value of 0.27 manat.
According to Chairman of the Board of the International Bank of
Azerbaijan Abbas Ibrahimov, once the new shares are fully placed,
the share of private investors in the bank's authorized capital
will be 7.8 percent, while the state's share will decrease to 92.2
percent.
The main goal of this public placement is to attract private
investors and minor shareholders, with a subscription limit set at
75 thousand shares per investor, amounting to 20 thousand manat
($11.7 thousand).
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