MICB PUTS 63.89% SHARES FOR SALE

The Moldova's second largest bank - the Moldindconbank - put for sale a package of 63.89% shares, which were issued instead of the cancelled shares. The National Bank of Moldova (NBM) declared their owners as concerted and acting in cahoots. The regulator established a term of 90 days for selling the shares. As the holders failed to sell the shares, the issuer cancelled the stock and conducted an additional issue.

According to the bank, the MICB is selling the shares in accordance with the new Law on Banking Activity. It says that bank shares worth over 5 million lei may be put for sale only after their price is established by an international specialized company.

"We conducted a tender, chose an assessing company, which established share market price on which the package was put for sale", the Infotag was told in the bank.

According to the estimation, the cost of a MICB share is 239.5 lei. In case of selling at such a price, the equity multiplier will account for 0.54.

In case an investor or a group of investors buy the package, they will have to make a tender proposal to other shareholders for buying the remaining shares at the same price they bought the package.

If the package of shares is not sold until July 16, the issuer has the right to sell them during not more than a year. Then, at the regulator's permit, it can be put for sale, gradually lowering the price by 10%, 15%, 25% and 30% and more. Also, during the selling, the package may be divided in smaller packages.

If over this period the shares are still not sold, the issuer may buy them in treasury. The law also implies liquidation of the financial institution at the decision of its shareholders and at regulator's consent.

Infotag's dossier: According to the unofficial information, the earned funds from selling 83.89% MICB shares will arrive to a specially opened bank account. From there, the money will be taken to the state budget as recovery for the funds, stolen from the Banca de Economii in 2014-2015.

Precious shareholders, whose shares were blocked and cancelled, cannot clam getting money from selling the MICB package share.

The MICB share price, which is formed according to the results of sales at the Moldova Stock Exchange was on average 75 lei since the beginning of the year. Only in June-July, several selling operations were conducted with around 60 thousand bank shares.