Azerbaijan, Baku, Dec. 25/ Trend I. Khalilova/ "Millicart limited company reached the stage of signing of contract with the European Bank for Reconstruction and Development (EBRD) concerning purchase of share in authorized capital of processing center," Jalal Orujev, the chief executive of the center, said on Dec. 25.
The main trends of changes in regulations connected with EBRD deal as it is one of the main bank terms were approved at the last general meeting of founders of limited company held on Nov. 28.
Orujev didn't announce terms of the deal, as well as package of shares and its cost, until the contract is concluded. The plans to increase Millicart authorized capital in 2009 are connected with the Euro Bank joining the center of shareholders. Acting shareholders of Millicart will also be able to participate in recapitalization of its package to avoid reduction of its share in the center capital.
According to previous information, EBRD intends to purchase a package from 10 to 19%. The Euro Bank will join Millicart shareholders due to additional emission. Though earlier it is planned to pass EBRD 9% of shares at face-value which joint stock commercial Parabank was ready to give in.
By setting up of the limited company on July 14, 2006, Parabank joined the share holders of the center with 10% share. But later he intended to sell 9% of its securities and keep only 1%. But Parabank changed its mind by keeping all the package of shares. In this connection joining of EBRD is possible due to additional emission.
For the time being minimal share of banks in the capital of processing center totals 1% but maximal - 10%. Presently, 18 shareholders formed it in the amount of AZN 4mln.
Founders of the center are Atabank, Azerdemiryolbank, AzerTurkBank, Bank of Baku, Azerbaijan Senayye Bank, Debutbank, Amrahbank, Xalq Bank, Credo Bank, Access Bank, ParaBank, RabitaBank, Bank Respublika, Bank Standard, Texnika Bank, Turan Bank, UniBank и Zamin Bank.
Official currency rate for Dec. 25 makes up AZN 0.8017 per USD 1.
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