Raiffeisen Bank Aval to Raise USD 280 mln and to Pay Dividends

Raiffeisen Bank Aval (BAVL: HOLD) intends to raise USD 280 mln through an additional share issue, which was approved by bank shareholders at their AGM on April 25. Aval plans to issue 1.4 bln shares at USD 0.2 per share. The price is set according to an average market value of the stock during the last six months of trading, while the nominal price is USD 0.02. Subscription will be held in two stages from July 1 to August 29 2008. Raiffeisen Bank Aval shareholders also voted to distribute USD 39.5 mln (34% of 2007 net income) in dividends.