Uzbek Industrial and Construction Bank to increase authorised capital by 12.5 per cent
Uzbekistan, Tashkent, May 21 / Trend D. Azizov /
The Uzbek Industrial and Construction Bank (Uzpromstroybank),which is the third largest bank in terms of major financial indicators in the banking system of the republic, will in 2012, increase its authorised capital by 12.5 per cent, up to 166.5 billion soums, the bank told Trend on Monday.
The authorised capital increase will take place according to the decision of shareholders, by directing to capitalisation some of the 2011 profit and part of retained earnings of previous years and an increase in the value of shares by 310 soums from 2,475 soums to 2,785 soums.
As reported by Trend, the annual shareholders' meeting decided to direct 12.342 billion soums to capitalisation from the total net profit for 2011 (22.603 billion soums). In the next two months an additional issue of securities totalling $166.487 billion soums will be made, the bank said.
It is planned to issue 57.78 million ordinary and two million privileged shares of 2,785 soums each. The shares will be distributed by private subscription among the shareholders according to participation rights.
As previously reported, in early April 2012, the country's president issued a decree to double the authorised capital of Uzpromstroybank in 2012 - 2013 up to 300 billion soums.
Once the bank places an emission at 166.5 billion soums, the following additional issue will be released in order to increase the authorised capital to 300 billion soums.
Currently, the bank's authorised capital was formed at the sum of 148 billion soums and is divided into 57.78 million ordinary and two million privileged shares of 2,475 soums each. Bank shares are owned by 35,062 shareholders, including 31,500 individuals and 3,562 legal entities. The largest shareholders are the Ministry of Finance of Uzbekistan and the Fund for Reconstruction and Development, whose combined shareholding is currently 51 per cent.
Uzpromstroybank is the oldest bank in Uzbekistan. It was established in 1922 and re-registered in 1991. The main activity is to lend to enterprises operating in strategic sectors of industry. The bank has 45 branches, 176 savings banks, 65 mini-banks located in all regions of the republic, a representative office in Moscow.
In 2011 assets of Uzpromstroybank grew by 79.4 per cent compared to 2010 - to 3.46 trillion soums. The credit portfolio grew by 63.6 per cent to 2.23 trillion soums and liabilities by 85.4 per cent to 3 24 trillion soums. The equity of the credit institution increased by 22.7 per cent up to 224.95 billion soums whilst net income increased by 1.8 times up to 22.603 billion soums.
The official exchange rate is 1865.13 soums to $1 on May 21.