AGMK completes deal with purchase of Kafolat shares
Tashkent, Uzbekistan (UzDaily.com) --
Kafolat state joint stock company (open joint stock company) fully placed the ninth emission of shares for over 748 million soums, the company said.
The company underlined the emission comprised of 610,613 ordinary shares with par value of 1,225 soums each.
The emission was placed on closed subscription to investor. Investor was Almalyk Mining and Metallurgical Combine open joint-stock company (AGMK, Tashkent region). In the result of the deal, AGMK acquired 20% share in Kafolat.
Currently, Kafolat’s charter capital is 3.748 billion soums, which is divided into 3,054,595 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.