OREANDA-NEWS. October 15, 2009. At EGM held on 14 October 2009, Raiffeisen Bank Aval < BAVL UZ U/R > decided to place 5,828mn of the additionally issued shares at UAH 0.16. As a result of this, the share capital of BAVL will increase by 24%, while the equity capital will increase by 14%. The placement will be held in two stages: from 24 November to 23 December 2009 and then from 24 December 2009 to 23 January 2010.

Millennium Capital sees the news to be positive for the Bank, since the announced share price is twice smaller than the current market price, which suggests that the issue will be placed in full amount. Also, the capital increase will strengthen the capitalization of BAVL (from 22% to 24%), thus increasing its credibility.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of tickets selling for its flights due to high arrearage to the creditors of the company.