AGBANK Attracts New Investor
OREANDA-NEWS. May 15, 2008. The shareholders of AG Bank JSC decided to attract a new shareholder at their general meeting on May 13. According to the agreement signed on April 29, Kazimir Investment Caspian Fund acquired 10% of the bank's shares, and paid AZN 8.36 million for them, the nominal value being AZN 1.5 million. This means the shares were sold at a price 5.57 times exceeding their nominal value. This is a record for Azerbaijan's banks. Kazimir Investment bought 50% of the latest emission of AG Bank's shares with a total nominal value of AZN 3 million. The shares were floated from Baku Stock Exchange on May 12. The bank's paid-up authorized capital therefore totaled AZN 15 million, and its aggregate capital totaled AZN 31 million. Kazimir Investment Caspian Fund is a subsidiary of Kazimir Partners from the USA.