AGMK to acquire 20% stake in Kafolat
06/11/2009 20:20
AGMK to acquire 20% stake in Kafolat
06/11/2009 20:20
Tashkent, Uzbekistan (UzDaily.com) -- Almalyk Mining and Metallurgical Combine open joint-stock company (AGMK, Tashkent region) intends to acquire 20% share in Kafolat open joint-stock compamy, AGMK’s disclosure information said.
AGMK will buy 612,250 ordinary shares with par value of 1,225 soums each. Kafolat will issue 612,250 ordinary shares for AGMK. Total volume of emission is 748 million soums.
Currently, Kafolat’s charter capital is 3 billion soums, which is divided into 2,443,982 ordinary and 5,000 preferred shares with 1,225 soums per each.
The company’s stakes are owned by about 500 shareholders, including nine enterprises. The largest shareholders are the Uzbek Finance Ministry (20.80%), Uzagrosugurta (28.06%) and Trustbank private open joint stock exchange bank.
Kafolat plans to issue another emission of shares to raise the authorized capital to 8.2 billion soums. Immediately after the completion of the deal with AGMK, it is planned to issue shares worth about 4.5 billion soums.
Kafolat was founded in 1997 in line with the decision of government of Uzbekistan. Currently, Kafolat is an insurance company of universal type and offers over 30 types of insurance. The company has 14 branches in the country’s all regions, a network of branches and representative offices.
Almalyk Mining and Metallurgical Combine (Almalyk) is one of the largest producer of nonferrous metal in Central Asia and only copper producer of Uzbekistan. AGMK produces 90% of silver and 20% of gold in Uzbekistan. The company has two mining enterprises, two concentrating plants and two metallurgy plants.
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