International Bank of Azerbaijan announces public offering of new shares

By bne IntelliNews May 29, 2024

The chairman of the board of directors of ABB (International Bank of Azerbaijan), Abbas Ibrahimov, announced that another significant decision made at today's general meeting of the bank's shareholders is the issuance of new ABB shares through a public offering.

"Once the legal procedures are completed, we will share detailed information with the public. Our main goals are to attract thousands of new shareholders to ABB, thereby expanding citizens' participation in the management of ABB, and to develop the securities market in our country," Abbas Ibrahimov wrote on social media. This indicates that Azerbaijani citizens will soon be able to place orders to subscribe to ABB shares.

It is worth noting that on 31 August 2023, President of Azerbaijan Ilham Aliyev signed a decree on "Measures related to attracting private investments to state enterprises of the Republic of Azerbaijan." According to the decree, ABB is one of the state enterprises intended to attract private investments. In the past six years, the bank has consistently paid high dividends to its shareholders.

"This year, we will pay a dividend of AZN185mn to our main shareholder, the state, and approximately 1,800 other shareholders. The dividend yield on ABB shares will rise to 15.1%. We will continue to strive to create high value for our shareholders," Abbas Ibrahimov noted.

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