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New star in the Don stock market

A new profitable instrument has appeared in the Rostov region stock market. On September 6, 2002 the largest Don bank Center-invest has registered its report on issuing preferred shares on a total sum RUR 90 million.

The prospectus of the 20th issue of Bank Center-invest shares was registered on July 12, 2002. There were 90 thousand shares in total issued with nominal price RUR 1000. Distributing the shares passed on with market price RUR 1200 on total sum RUR 108 million. Shareholders and clients of the Bank were the participants of the initial distributing.

Appearance of the new reliable instrument for business and personal investments was expected in the market for a long time. Decrease of the Russian Central Bank's discount rate resulted in falling yield of bank deposits. Therefore investors have demand the preferred shares of the largest Rostov bank, reliability of which is annually confirmed by auditing under international standards. The more so this form of investments provides the minimum taxation.

Issue of Bank Center-invest preferred shares became the largest one in the Don financial sector. The great interest to the new instrument was shown by insurance companies and pension funds. Foreign investors also stated their interest in the shares. At present the investment companies prepare the output of Bank Center-invest preferred shares to the secondary market.