Uzbek “Industrial-Construction Bank” increases authorized capital by almost two times

Business Materials 5 August 2013 16:36 (UTC +04:00)

Uzbekistan, Tashkent, August 5 /Trend, D. Azizov /

Open joint stock commercial bank, "Uzbek Industrial-Construction Bank" , the third largest in Uzbekistan in terms of finances, has increased its authorized capital by 1.9 times - to 318.5 billion soms, the bank's management told Trend on Monday.

The bank reported that authorized capital was increased as a result of the placement of an additional emission of shares worth 152 billion soms, issued in August, 2012. In total, around 54.578 million soms of ordinary shares with a par value of 2,785 soms for each were placed.

As it was reported earlier, the additional emission is being taken in accordance with the decree of the Uzbek president "On additional measures for increasing the capitalization of "Uzbek Industrial-Construction Bank" OJSCB" (April, 2012), envisaging the increase of the bank's authorized capital in 2012-2013 by over twice at the expenses of the additional emission in the amount of 152 billion soms.

According to the decree, around 105.9 billion soms worth of securities of the total volume of the additional emission was planned to be placed by closed subscription among the major shareholders of the bank, and about 46.1 billion soms - by open subscription.

As a result, the Ministry of Finance bought shares of 44.5 billion soms, Uzbek Reconstruction and Development Fund, - 33.1 billion soms, "Uzbekneftegas" National Holding Company - 19.9 billion soms, "Uzbekenergo" - 7.1 billion soms, and "Uzhimprom" - 1.3 billion soms.

The shareholders of the bank include around 35,000 shareholders, about 31,500 individual and 3,600 legal persons. The largest shareholders of the bank are the Ministry of Finance (32 percent) and Uzbek Reconstruction and Development Fund (24 percent).

The "Uzbek Industrial-Construction Bank" was founded in 1922 and was re-registered in 1991. Its main function is crediting the enterprises in strategic industries. The structure of the bank includes around 45 branches, 176 saving banks, 65 mini-banks in all regions of the republic and the representation in Moscow.

The assets of the bank increased by 44.8 percent - to 5.11 trillion soms in 2012.

The official exchange rate for August 5 is 2107.93 soms/$1.