Azerbaijani Micro Finance Bank Re-distributes Shareholder’s Stocks

Jan 2008
Baku, Azerbaijan, January, 23 2008 - AccessHolding, a strategic investor in microfinance, has increased its share in MFBA to 16.53%, from the previous shares of 9.95%. The shares were acquired from the two existing share holders: with 545,000 coming from KfW and 177,779 from LFS Consulting (each share has a nominal value of 1 AZN). As a result of this transfer, KfW has reduced its stake from 24.95% to 20% and LFS has reduced their shares from 5.09% to 3.47%.

This redistribution gives LFS and AccessHolding a combined 20% share of the company. When AccessHolding first bought a stake of the MFBA in 2007, it had been planned that each of the four shareholders would own 20% of MFBA, with the remaining 20% divided between the LFS and AccessHolding. The current transfer of shares fulfils that commitment, which had previously been delayed due to the legal technicalities.

The Micro Finance Bank of Azerbaijan is 100% foreign investors entity- owned by six shareholders: European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German Government, LFS Financial Systems GmbH - a German consulting company, and AccessHolding - a strategic investor in microfinance.

Source : Trend Capital

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