Azerbaijan, Baku / Trend corr I. Khalilova / Millikart LLC (the Azerbaijani Plastic Card Processing Centre) and the European Bank for Reconstruction and Development (EBRD) are in negotiations regarding the sale of a part of the stock belonging to the Processing Centre, the Executive Director of Millikart LLC, Jalal Orujev, reported on 30 July.
Georgiy Orlov, who is responsible for the EBRD project is presently visiting Baku for this purpose. "Before making any decision, the experts of EBRD plan to become familiar with the issues that are interesting for the bank. Millikart has already submitted its charter, constituent instruments, business plan, and financial documents to the bank," Orujev said.
The stockholders of the Centre have decided to transfer 9% of the nominal stock to the EBRD.
The face value of the stock package to be transferred to EBRD makes up AZN 270,000. The head of Millikart believes that the deal with EBRD could be finalised by the end of 2007.
The minimum share of participation of banks in the stock of the Centre is 1% - 10% maximum. The capital of the Centre makes up AZN 4mln owned by 18 stockholders.
Azerbaijani ParaBank has sold part of its stock to the EBRD. ParaBank owned 10% of the processing Centre's stock when the Centre was established on 14 July 2006. However, later the bank sold 9% of its stocks.
Millikart was established on 14 July, 2006. The founders of the Centre are Atabank, AzerDamirYolBank, AzerTurkBank, Bank of Baku, CIBank DebutBank, AmrahBank, KhlgBank, KredoBank, Microfinancing Bank of Azerbaijan, ParaBank, RabitaBank, RespublikaBank, Bank Standard, TekhnikaBank, TuranBank, UniBank and ZaminBank