Public Property Agency auctioned 41.09% of newly issued shares of Moldova Agroindbank for a total initial price of 451.5 million lei
The matter concerns the sale on the Stock Exchange of Moldova, by a single package, of 426365 shares (41.09%) at an initial price of 1059.03 lei per share, which were purchased on July 18 this year by the Public Property Agency at an auction with a hammer for subsequent resale to strategic investors. The shares offered for sale can only be bought by persons who have received prior written permission from the National Bank. As previously reported by InfoMarket agency, the Public Property Agency purchased two packages of shares of Moldova-Agroindbank (only 41.09%) for 450.03 million lei (about $27 million) on July 18 for subsequent resale on the Moldova Stock Exchange. The shares were sold using the state intervention procedure introduced into the legislation in the purchase and resale of newly issued shares of the systemic value bank. Let us recall that earlier, the National Bank blocked by its decision shares of several groups of MAIB shareholders, holding in the aggregate 3.53% and 39.58% of the shares, respectively. The National Bank noted that they acted in concert with the bank and acquired a substantial share of its authorized capital without the NBM's prior written permission. The owners were given 90 days to sell these shares, however, since the shares were not sold within the allotted time, according to the instruction of the NCFM, the bank's board decided to cancel these packages and issue new emissions for the open sale of shares on the Moldova Stock Exchange. After numerous unsuccessful attempts to sell these shares, taking into account the fact that MAIB is a bank of systemic importance, it was decided to apply the state intervention procedure. In June, the government passed a resolution on the purchase and subsequent sale of newly issued MAIB shares, which is expected to contribute to the stability of this bank, help improve its corporate governance, provide the necessary protection to potential investors and give an even greater impetus to reforming the banking system. At the same time, the government previously approved the sale of 41.09% of MAIB shares to an international consortium of investors comprising the EBRD, Horizon Capital and Invalda INVL, which has already obtained permission from the National Bank to purchase this block of shares. A preliminary agreement with the consortium of shareholders was also approved by the general meeting of MAIB shareholders. //01.08.2018 - InfoMarket.