Uzbek bank grows authorized capital
Uzbekistan, Tashkent, June 7 / Trend, D. Azizov /
The Asaka commercial bank registered an additional issue of shares worth 45.7 billion soum last week at the Center for Coordination and Control over Securities Market.
The bank plans to increase the authorized capital by 14.5 percent to 361.3 billion soum, the bank's Securities Department told Trend on Tuesday.
Additional issued was held in accordance with the decision of general meeting of the bank's shareholders made in April this year, and consists of 868,822 ordinary shares with par value of 52,600 soum.
The additional issue is planned to be placed by open method, through the Tashkent Republican Stock Exchange.
As it was reported earlier the bank increased its authorized capital by 5.2 percent, equaling 315.6 billion soums in January.
The bank clarified that the authorized capital was increased due to the direction of the net profit for January-Sept. 2010 to replacing old shares with nominal value of 50,000 soum to new ones with par value of 52,600 soum. The bank said that the difference in nominal value will be paid as part of Asaka Bank's net income for nine months during 2010 amounting to 15.6 billion soum.
Late last year, Asaka Bank issued a new share issue and within the emission, it emitted 6 million shares with par value of 52,600 soums each.
The total volume of shares' emission equaled 315.6 billion soums, with the shares placed on closed subscription among shareholders of Asaka Bank on par value.
Asaka was founded in 1996 and was mainly involved in lending to the automotive industry.
The bank's main shareholders are the Finance Ministry, the Uzbek Reconstruction and Development Fund and Uzavtoprom.