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Economy 28/02/2012 Khorezm Shakar directs 45.821bn soums to dividends
Khorezm Shakar directs 45.821bn soums to dividends
Tashkent, Uzbekistan (UzDaily.com) -- Shareholders of Khorezm Shakar JV OJSC (Khorezm Sugar), largest sugar producer of Uzbekistan, adopted decision to pay dividends for 2011, the company said in a statement.

The company received net income for 45.821 billion soums in 2011. The shareholders directed all sum to payment of dividends.

At the same time, the company will direct 41.239 billion soums to payment of dividends and 4.582 billion soums for payment of tax for dividends.

The company added that it will keep part of dividends, equal to the sum of dividends paid in the first, second and third quarters of 2011 at the sum of 31.9 billion soums, and expenses for 7.236 billion soums.

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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