OREANDA-NEWS. On 05 February 2009 was announced, that according to the announcement of bank Nadra < NADR UZ N/R >, the bank will raise its charter fund by UAH 1.4bn (up 3.5 times) to UAH 1.8bn via issuing 140mn of new shares at par of UAH 10. The decision on the share issue is to be taken at the EGM on 27 March 2009, while the planned share placement is to be held from 10 to 20 June 2009.

Millennium Capital considers this news to be POSITIVE only in the case the EGM will really take place on the scheduled day, since its previous EGM (scheduled for 24 January) was unexpectedly defeated due to some organizational issues, delaying the capital increase. Overall, such a significant capital increase is sufficient to bring the banks’ capitalization in line with the standard (H2 not less than 10%), while significantly more funds (around UAH 12bn) are to be invested to redeem the banks’ obligations.

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of the major investment banking institutions.