Metals Banka additionally capitalized by 3.78 billion RSD

Metals Banka from Novi Sad announced today (July 16, 2009) that the Autonomous Province of Vojvodina and insurance company DDOR "Novi Sad" had bought all 668,100 stocks from the new issue, which means that the bank was additionally capitalized by 3.78 billion RSD.

Metals Banka issued the stocks at the price of 5,500 RSD without public invitation, based on the consent given by the Securities Commission for issuing of stocks to the buyers known in advance.

According to the announcement, after additional capitalization and announced appointment of the bank’s administration, the conditions will be created for discontinuation of forced administration in Metals Banka, which was introduced by the National Bank of Serbia on October 23, 2008, because of the problems in operations.

It is stated in the announcement that the preparations for organization of emergency Assembly of stockholders are in progress, and that the administration of the bank will be appointed at that meeting.

According to the data provided by the Business Registry Agency, the capital of Metals Banka before additional capitalization amounted to 1.86 billion RSD.

The price of stocks of Metals Banka on the Belgrade Stock Exchange on July 15th amounted to 5,394 RSD.

During the previous year, the highest price of stocks of Metals Banka amounted to 31,000 RSD (July 25, 2009), while the lowest price amounted to 2,250 RSD (April 7, 2009).

Metals Banka ended last year with 4 billion RSD worth of losses, while the profit of 1 billion RSD was registered one year before.