On 11 May, shareholders of Uzagrosugurta state joint-stock insurance company will discuss issue on emission of new shares for 770 million soums.

The new emission will increase charter capital of Uzagrosugurta by 34.5% to 3 billion soums, Bankovskiyi Vedomosti newspaper reported.

Uzbek government plans to sell its shares in Uzagrosugurta by 2010. Earlier, the government said it will sell 34.6% shares of Uzagrosugurta by 2009 and keep 41% stake in the company.

Uzagrosugurta state joint stock insurance company founded in 1997 and it is specializing on insurance of enterprises of agriculture sector. In summer 2006, the company received additional licenses and now can render insurance services in all classes, except life insurance.

Charter capital of Uzagrosugurta is 2.23 billion soums. Main shareholders are Uzbek Finance Ministry (75.8%), Uzkhlopkoprom (13.1%), Uzhleboprodukt (5%) are Pakhta Bank (2.9%). The company’s share in Uzbek market made up 15.2% in the first quarter of 2007.

Net income of the company increased by 2.1 times to 337.1 million soums in 2006. The company collected premiums for 9.5 billion soums (up 27% year-on-year) and paid compensations fro 1.89 billion soums (up 26% year-on-year).