Uzbek company plans to increase authorized capital by 7.3 percent

Business Materials 20 September 2012 18:51 (UTC +04:00)

Uzbekistan, Tashkent, Sept. 20 / Trend D. Azizov /

"Uzkimesanoat" (Uzhimprom) company has announced the plans to increase the authorized capital by 7.3 times - up to 1.1 trillion soums due to additional shares, the company told Trend on Tuesday.

It is planned to issue 99.528 million ordinary shares worth 11,063 soums.

The authorized capital amounts to 149.904 billion soums. It is divided into 13.550 million ordinary shares of nominal value of 11,063 soums.

The decision was made to increase the authorized capital to increase the resource base of the company while implementing a comprehensive program to develop the industry and increase the production of competitive products, approved by the government.

According to the program, "Uzhimprom" implements 11 investment projects worth $ 166 million till 2014.

In particular, "Uzhimprom" intends to implement a project worth $ 110 million to expand the capacity of the Kungrad Soda Plant by 1,5 times - up to 150,000 tons of soda ash per year till 2014.

"Uzhimprom" was formed in accordance with the Uzbek Cabinet of Ministers' resolution (March 2001) on "Measures on improving the governance structure of the chemical industry".

At present, "Uzhimprom" brings together 14 industrial enterprises, 13 regional distribution organizations, scientific research and design institutes, a brokerage company.

Production capacities allow to fully ensure Uzbekistan's internal needs in chemical products, as well as to export them.

According to the company, "Uzkhimprom" produced more than 643,000 tons of fertilizers in the first half of 2012, including 500,400 tons of nitrogen, 76,100 tons - phosphorus and 66,500 tons of potash.