Uzbek micro-credit bank increases its registered capital by 2.1 per cent

Business Materials 9 January 2012 16:12 (UTC +04:00)

Uzbekistan, Tashkent, Jan 9 /Trend D.Azizov/

Uzbek JSC Microcredit has increased its registered capital by 2.1 per cent, up to 156.75 billion sum due to increase in the nominal value of each share to 1045 sum from 1023.96 sum, management of the bank told Trend on Monday.

An extraordinary meeting of shareholders had previously decided to send.3.156 billion sum from retained earnings in 2010 to increase its share capital by the end of 2011.
Currently, the bank issued 149.865 million ordinary shares and 135 000 preferred shares with a par value of 1045 sum totalling 156.75 billion sum.

Shares are distributed by private subscription among the shareholders of the bank in accordance with their stocks in the share capital by replacing the old shares with a nominal value of 1023.96 sum by the new shares with a nominal value of 1045 sum.

The bank issued an additional emission of shares amounting to 39.5 billion sum on October 2011, planning to increase its registered capital by 25.7 per cent, up to 193.1 billion sum. Some 38 million 575.726 thousand units of simple securities with a nominal value of 1023.96 sum were issued.

It was planned to complete the placement of an additional issue in early October 2012.

However, the bank failed to place emissions as scheduled and it was cancelled. The bank will return to the issue of a further capital increase at the general meeting of shareholders on the 2011 results. the bank said.

The Ministry of Finance and the Central Bank are the largest shareholders, the combined share of which amounts to 80 per cent in authorised capital of the bank.
Official exchange rate on Jan 9 is 0.7864 AZN/USD