Uzbek joint cable production venture puts 93 percent of net profit towards future development
Uzbekistan, Tashkent, June 20 /Trend D.Azizov /
The shareholders of JV Uzkabel JSC, the largest manufacturer of cable and wire products in Central Asia, have decided to direct 93.2 per cent of the net profit earned in 2012 to the technical re-equipment and replenishment of circulating assets of the joint venture, a representative of the joint venture told Trend on Wednesday.
According to the company, the net profit of Uzkabel over the past year was 9.469 billion soums compared to 10.674 billion soums in 2011, a decrease of 11.3 per cent.
According to the shareholders' decision, except for 8.823 billion soums (93.2 per cent) that are allocated for the development of the enterprise, 635.338 million soums (6.7 per cent) will be used to pay dividends whilst the rest will be used for the formation of the reserve fund.
Dividends for 2012 for each Uzkabel JSC share will make 1333.33 soums or 88.9 per cent to the nominal value. At the end of 2011, the joint venture paid dividends to shareholders to the sum of 1500 soums per share, or 100 per cent to the nominal value.
At the moment the authorised capital stock of the company is formed of 714.757 million soums and consists of 476.505 thousand ordinary shares with a nominal value of 1500 soums each.
The main shareholders of the joint venture are the Adel al Hussan General Trading Co from the UAE (49.53 per cent) and Turkish Inter Cablo ve Bakir Sanayi Ticaret (34.55 per cent) with the remainding 15.92 per cent belonging to staff and minority shareholders.
The plant is capable of producing 3000 dimensional types of cables and wires used in power engineering, geology, rail transport, communications, engineering and the mining industry.
Production capacity of the plant is 50,000 tons of copper rod, 9800 tons of overhead wire, 15,000 kilometres of telephone line and 8300 kilometres of conventional geophysical cable for the oil industry.
The main supplier of copper raw materials for the company is the Almalyk Mining and Metallurgical Plant of Uzbekistan.