Uzbekistan, Tashkent, July 12 / Trend D. Azizov /
Navoiazot is the largest chemical company in Uzbekistan. It will pay dividends worth 559.01 soums per share with a face value of 55.918 soums each as of 2011, the company told Trend today with reference to the general annual shareholders meeting.
As of 2010, dividends on Navoiazot's shares were paid to the sum of 390.47 per share of the same nominal value. This means the enterprise will increase dividends by 1.4 times that of 2011 compared to the previous year.
About 421.3 million soums, or 25 per cent of the total net profit for 2011, are transferred to pay dividends.
It was earlier reported that Navoiazot Company's net profit increased by 34.6 per cent up to 1.685 billion soums in 2011 compared to the same period of 2010.
According to the company, production growth last year amounted to 4.2 per cent compared to 2010. Exports of production increased by 123.1 per cent.The authorised fund hit 42.145 billion soums.
The authorised capital consists of 753,696 ordinary shares of a par value of 55,918 soums each. The state owns 100 per cent of the company's shares.
Navoiazot which is the former Navoi chemical plant was commissioned in 1964 and specialises in the production of nitrogen fertilisers and nitronic fibres, as well as the integrated product of organic synthesis.
In April 2007 the Uzbek State Property Committee announced a tender to sell 49 per cent of Navoiazot with a starting price of $60 million.
The contest has been extended as it was declared invalid in late 2008.
In 2009, Navoiazot and the ISU Corp. (South Korea) established a joint venture between ISU Navoi Chemical for the construction of a polyvinyl chloride production unit (PVC) worth $180 million.
It is planned to build an enterprise with a design capacity of 50,000 tons of PVC and 32,000 tons of caustic soda per year on the basis of Navoiazot.
The project will be financed by a loan from the Uzbek Reconstruction and Development Fund worth $120 million, foreign investments and loans $ 45 million and Uzhimprom's assets $15 million.
The official exchange rate is 1.892.59 soums/$1 on July 12.