Uzbekistan’s Uzagrosugurta increases authorized capital by over 5 percent

Business Materials 7 September 2013 13:37 (UTC +04:00)

Uzbekistan, Tashkent, September 7 /Trend D.Azizov/

The State Joint Stock Insurance Company Uzagrosugurta, one of the top five largest insurance companies of Uzbekistan, increases the authorized capital by 6.4 per cent- to 10.868 billion soums, the company's leadership told Trend on Friday.

According to the company representatives, the company's authorized capital increases due to the growth in nominal value of shares from 1,250 to 1,330 soums.

"The decision abou the growth in nominal value of shares was taken at the annual meeting of shareholders in June 2013. The shareholders decided to allocate on capitalization part of the net profit for 2012 of 383.44 million soums and retained earnings for 2011 of 270.307 million soums, totally, 653.347 million soums," the source stressed.

Currently, the insurer has issued additional shares worth 10.868 billion soums, including about 8.152 million ordinary and 20,000 preference shares worth 1,330 soums each.

The securities will be placed by private subscription among the shareholders, according to participation rights, through the conversion of the old shares worth 1,250 soums to new ones worth 1,330 soums.

Currently 34 insurance companies operate in Uzbekistan.

The official rate for September 7 is 2129,72 soums/USD.