Corporate Commercial Bank Auction Slated for 10 May
The management of Corporate Commercial Bank AD has scheduled the auction for 1 mln shares of the bank for 10 May 2007, the company announced.
As we reported earlier the issue will be in the amount of 1 mln common paperless voting shares with a face value of 10 leva/each and will be issued as a result of the increase of the bank’s capital from 50 mln leva to 60 mln leva.
The offered shares will be divided into two types of orders – limited and market, where limited orders will account for 30% of all offered shares (300,000 shares), and market orders will account for the remaining 70% (700,000 shares).
A limited order is an order for the purchase of shares at a certain price, which cannot be lower than the minimum issue value set by decision of the General Meeting (45 leva). The maximum price, at which shares can be acquired, is 58.50 leva – a price not exceeding the minimum issue value by 30%.
Orders will be rated by UBB AD following the following algorithm:
- for limited orders – depending on the prices stated in the orders in descending order;
- for market orders – depending on the average weighed price of the approved limited orders.
The public offering prospect clearly outlines the bank’s development goals – sustainable growth and significant improvement of the key capital indicators. It guarantees the implementation of transparent development policy which will benefit all shareholders.
Corporate Commercial Bank AD achieved high financial results in 2006. Its total assets increased 92% to 1.005 mln leva expanding the bank’s market share. The amount of funds, attracted from corporations and individuals, almost doubled increasing 95.1% to 884.2 mln leva.