Uzbekistan, Ashgabat, Sept 3 /Trend D.Azizov/
Uzbek Bank Savdogar will begin placing an additional issue of12 billion soum, planning to increase its share capital by 1.5 times - up to 36 billion soum, a credit institution told Trend.
The decision to increase the share capital and issue additional shares was made by the annual general meeting of shareholders of the bank in June. The Centre for Coordination and Control over the Securities Market under the State Property Committee registered the issue prospectus aimed at releasing 120 million ordinary shares worth 100 soum, on August 24. Placement of shares is provided by public subscription from an unlimited number of investors.
The bank's authorised capital was formed to the sum of 24 billion soum and divided into 238.5 million common shares and 1.5 million preferred shares valued at 100 soum each.
The largest shareholders are Khorezm Shakar (Khorezm sugar factory) - 30.1 per cent, R & D Express-Aussenhandels GmbH (25.6 per cent), Uzbek investment company Ilk plyus (11.2 per cent) and Sakar Investment JV and Samarkand tea-packing factory - 10.4 per cent.
Savdogar refers to a group of medium sized banks in Uzbekistan. It was created by the governmental decree in 1994 to serve trade enterprises. According to the government's decision, the joint-stock commercial Legprombank serving light industrial enterprises joined it in 1998 and Mevasabzavotbank, specialising in lending fruit and vegetable processing companies in 2000.
In April 2006, German R & D Express-Aussenhandels GmbH acquired a 40 per cent stake in the bank for $2 million.
Joint-stock commercial bank facilitating trade and commerce Savdogar was transformed into the Uzbek-German joint-stock commercial bank Savdogar by a special decree of the President of Uzbekistan Islam Karimov in July of that year.
In June this year, the bank in connection with a reduction in the shareholding of R & D Express-Aussenhandels Gmb to 25.6 per cent, changed the name from the Uzbek-German joint-stock commercial bank to an open joint-stock commercial bank with foreign capital.
In 2011, its assets calculated by the International Financial Reporting Standards (IFRS) rose by 0.5 per cent compared to 2010 - up to 199.447 billion soum, the credit portfolio - by 29.6 per cent - up to 126.565 billion soum, equity - 1.4 times - to 29.6 billion soum. Net profit of the credit institution has grown three times in 2011, up to 6.306 billion soum.
The bank has 50 branches and 34 mini-banks. It renders financial services to more than 2200 customers and maintains correspondent relations with the CIS and foreign banks.
Official exchange rate on Sept 3 is 1921, 74 soum/$1.