Uzbek bank increases capital

Business Materials 7 September 2011 17:05

Uzbekistan, Tashkent, Sept.7 / Trend, D.Azizov /

The Kishlok Kurilish Bank (KKB, Agricultural Bank) has increased its authorized capital by 2.5 percent to 153.75 billion soums at the expense of its net income and the increasing face value of its shares.

Some of the net income for 2010 will be directed at capitalization, while the face value of the shares will be increased by 2.5 soums to 102.5 soums.

"The decision to increase the authorized capital was taken by a general annual meeting of shareholders in April 2011. Some 3.75 billion soums out of the total volume of net income worth 7.13 billion were directed at capitalization according to the decision," the bank said.

The general meeting of shareholders decided not to pay dividends on ordinary shares.

The bank has issued a share prospectus worth 153.75 billion soums. The prospectus consists of 1.491 billion ordinary and 9 million preference shares with a face value of 102.5 soums each.

The securities will be placed among the acting shareholders.