Kafolat issues new emission of shares for AGMK
20/11/2009 15:35
Kafolat issues new emission of shares for AGMK
20/11/2009 15:35
Tashkent, Uzbekistan (UzDaily.com) -- Kafolat state joint stock company (open joint stock company) registered new emission of shares with the Center for coordination and control over functioning of securities market.
The company said this is the ninth emission of shares and it will comprise of 610,613 ordinary shares with par value of 1,225 soums each. Total sum of emission is 748 million soums.
The emission will be placed on closed subscription to investor. Investor is Almalyk Mining and Metallurgical Combine open joint-stock company (AGMK, Tashkent region).
As earlier reported, AGMK will acquire 20% share in Kafolat in the result of this deal.
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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