AGMK to raise authorized capital
Uzbekistan, Tashkent, Nov.22 / Trend, D.Azizov /
Almalyk Mining and Metallurgy Combine OJSC (AGMK, Uzbekistan) is planning to increase its authorized capital by 1.8 times to 161,437 billion soums, the Combine said today.
Shareholders of AGMK adopted a corresponding decision at the extraordinary meeting on Oct.30
The authorized capital of AGMK will be increased through raising par value of shares from 1,000 soums to 1,800 soums, directing 71.75 billion soums of undistributed income of last years, including 20.771 billion soums from income for 2009.
AGMK's net income for 2009 hit 27.191 billion soums.
Authorized fund of AGMK currently is 89.687 billion soums and divided into 2 million 242,175 preference and 87 million 444,809 ordinary shares with nominal cost 1,000 soums each.
The main shareholder is the state represented by the State Property Committee - 99.7 percent, 0.3 percent of shares belongs to the labor collective.
The size of dividend per ordinary share comprises 51.46 soums per ordinary share and 250 soums on preferential share.
As a result of 2008, dividends on ordinary shares, according to the decision of the shareholders, were not paid. On preference shares dividends amounted to 250 sums per share.
Almalyk Mining and Metallurgy Combine OJSC is the largest producer of copper in Central Asia and it has right to develop several copper- molybdenic and lead-zinc deposits in Tashkent, Jizzakh and Namangan regions of Uzbekistan. The enterprise produces purified copper (cathode), including copper concentrate based on tolling and due to processing of scrap, metal zinc, lead concentrate and other products. Share of AGMK in production of silver is 90% and gold - 20% in Uzbekistan. AGMK now has four ore mills - copper, lead-zinc and two gold producing. The enterprise has eight ore mining enterprises and two metallurgy plants. Khandiza ore mining and processing complex will become the fifth plant.
By 2005 Uzbekistan planned to sell 46.5 percent of shares of the Combine to foreign investors, but in early 205 temporarily refused to privatize it.
Official exchange rate is 1530.97 soum to $1 Nov.22.