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Economy 25/05/2012 Khorezm Shakar directs 12.373bn soums to dividends for 1Q 2012
Khorezm Shakar directs 12.373bn soums to dividends for 1Q 2012
Tashkent, Uzbekistan (UzDaily.com) -- Shareholders of Khorezm Shakar JV OJSC (Khorezm Sugar), largest sugar producer of Uzbekistan, adopted decision to pay dividends for the first quarter of 2012, the company said in a statement.

The company received net income for 12.373 billion soums in the first quarter of 2012. The shareholders directed all sum to payment of dividends.

At the same time, the company will direct 11.135 billion soums to payment of dividends and 1.283 billion soums for payment of tax for dividends.

In line with the balance sheet, the charter capital of the venture makes up 14.2 billion soums and it comprises of 1.42 million ordinary shares with par value of 10,000 soums each.

Shareholders of the company are Motril Investments (Panama, 69.43%), KITO Investments (Singapore, 20%), SEID Handels GmbH (Austria, 10%) and employees (0.57%).

Khorezm Shakar JV OJSC is largest sugar producer in Uzbekistan. Khorezm Sugar Plant was commissioned in 1998. The cost of the plant is US$83.25 million. Preliminary plant was designed for processing sugar-beet, which was planned to plant in Uzbekistan. The capacity of the plant was 3,000 tonnes of sugar-beet a day. But low crop pushed to conserve the plant.

Shakar Investment, an Uzbek-Austrian-US joint venture, carried out project on transfer of the capacity to processing of cane sugar with the cost of US$2 million in 2002. Currently, the plant can process 1,000 tonnes of cane sugar a day.

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