Uzbek bank increases aggregate capital by 47 percent

Business Materials 24 June 2010 13:45 (UTC +04:00)

Uzbekistan, Tashkent, June 24 / Trend D.Azizov /

The Uzbek Alokabank will increase its share capital by 47.1 percent to 50 billion soum by placing shares worth 16 billion soum in 2010, the company reported. The bank is engaged in lending to telecommunications enterprises.

Alokabank plans to issue 158 million common and 2 million preferred shares with a nominal value of 100 soum. Placement is planned on the Tashkent Republican Stock Exchange.

The bank's shareholders also decided to pay dividends for 2009 amounting to eight percent per annum for each simple and 20 percent for each preferred share, amounting to eight and 20 soum, respectively.

The bank's authorized capital is 34 billion soum, consisting of 332 million common and 8 million preferred shares with a nominal value of 100 sou, each.

The bank's shares are divided among 3,300 shareholders. The largest shareholders are the ICT Fund and Uzbek Agency for Communications and Informatization's Electromagnetic Compatibility Center, each owning 19.99 percent, and the Tashkent Information Technology University with 14. 71 percent.

Alokabank was founded based on an Uzbek Cabinet of Ministers resolution in 1995 to ensure economic growth.

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