Singapore Kito included to Uzbek bank’s authorized capital

Business Materials 29 September 2012 12:47 (UTC +04:00)

Uzbekistan, Tashkent, Sept. 29 /Trend D. Azizov/
Kito Investmens Pte. Ltd company of Singapore has declared its intentions to purchase 15 percents and more shares of Uzbek 'Savdogar' bank, the company report stated on Thursday.

As previously reported, 'Savdogar' started allocation of additional emission shares to the amount of 12 billion sums, planning to increase authorized capital 1.5 times to reach 36 billion dollars.

The decision on increase of authorized capital and issue of additional emissions was made by annual meeting of bank shareholders in June of this year.
The Centre on Coordination and Control of Securities Market at the State Property Committee has registered the emission project, designed to issue 120 million ordinary shares 100 sums par value.

According to the emission prospect the share allocation will be implemented by public subscription among unlimited number of investors.

The bank's authorized capital is currently formed in the amount of 24 billion sums and divided into 238.5 million ordinary and 1.5 million privileged shares 100 sums par value

The bank's major shareholders are 'Khorezm Shakar' (Khorezm sugar plant) with 30.1 percent, R&D Express-Aussenhandels GmbH (25.6 percent), Ilk plyus Uzbek investment company (11.2 percent), C II Sakar Investment and 'Samarkand tea packing factory' - 10.4 percent each.

'Savdogar' is among Uzbekistan's average banks. It was established due to government regulation in 1994 for service of companies in trade and commerce field. German R&D Express-

Aussenhandels GmbH purchased 40 percent of bank shares to the amount of 2 million dollars in April of 2006. According to special decree of Uzbek president Islam Karimov 'Savdogar' joint stock commercial bank of trade and commerce promotion was transferred to 'Savdogar' Uzbek German joint stock commercial bank in July of 2006,

Due to decrease of R&D Express-Aussenhandels Gmb's share to 25.6 percent, the bank's name was changed from Uzbek German joint stock commercial bank to open joint stock commercial bank with foreign investments in June of this year.

According to the totals of 2011, the bank assets, calculated according International Financial Reporting Standards, has increased by 0.5 percent in comparison with 2010 reaching 199.447 billion sums, equity - 1.4 times, reaching 29.6 billion sums. The net profit of credit company has increased 3 times, reaching 6.306 sums in 2011.

Singapore Kito Investment Pte. Ltd. is the shareholder of the only sugar plant in Uzbekistan 'Khorezm Shakar', owning 20 percents of authorized capital. Along with Singapore Welton International Enterprises Pte. Ltd and Austrian SЕID Handelsgesellschaft m.b.H the company will participate in construction of new sugar plant on the territory of 'Angren' special industrial area in Tashkent region with capacity of 1 thousand tons of sugar per day.

The official exchange rate as of September 3 is 1921,74 sum/$1.