Asaka bank to increase its authorized capital in Uzbekistan

Business Materials 28 December 2013 17:15 (UTC +04:00)

Tashkent, Uzbekistan, Dec.28

By Demir Azizov - Trend:

Asaka State Joint-Stock Bank, Uzbek's second largest commercial bank, will increase its authorized capital by 17.9 percent - up to 494.88 billion soums through the issuance of additional shares worth 75 billion soums, the bank told Trend on Friday.

The bank reported that additional shares were issued in May based upon the decision of the general annual meeting of shareholders in 2012.

The coordination and control center for the country's securities market registered the issue prospectus on Dec. 24, the bank said.

The bank issued 1.226 shares of ordinary shares with a par value of 61,140 soums each.

The securities are planned to be fully placed through the closed subscription among Almalyk Mining and Metallurgical Plant, Navoi Mining and Metallurgical Plant, Uzbekistan Railways, Uzbekneftegaz national holding company, Uzbektelecom, Uzbekenergo and Uzmetkombinat.

The bank increased its registered capital by 6.3 percent, the representative said. According to the shareholders' decision, some 52.5 percent of the bank's net income for 2012 or 25 billion soums were spent to increase the nominal of each share by 3,640 sums - from 57,500 to 61,140 soums.

Asaka bank's authorized capital was fully formed to the amount 419.881 billion soums and divided into 6,867 shares with a nominal 61,140 soums each.

Asaka bank was established in 1996. The bank is mainly involved in lending to the automotive industry.

At present, the bank's shareholders are the Finance Ministry - 60.97 percent of shares, Uzavtoprom - 14.58 percent, the Uzbek Reconstruction and Development Fund - 14.56 percent, UzGAZOil - 5.06 percent, Almalyk Mining and Metallurgical Combine - 2.53 percent, Uzbekistan Railways - 1.27 percent, Uzagrosugurta state joint stock insurance company - 0.5 percent, Uzbektelecom - 0.28 percent, UzbekInvest national export-import insurance company and Khalq Sug'urta insurance company - 0.13 percent.

The bank has 26 subsidiaries, mini-banks, some savings and special cash desks receiving utility bills. Corresponding relations were established with more than 170 CIS banks and foreign countries.

In 2012, Asaka State Joint-Stock Commercial Bank increased its assets calculated in accordance with National Accounting Standards, by 21 percent up to 4.228 trillion soums, credit investments - by 45.4 percent (to 2.212 trillion soums) and equity - by 20.1 percent (up to 507.264 billion soums), net profit - by 18.4 percent (up to 47.585 billion soums) compared to the corresponding figure in 2011.

The official exchange rate is 2.202.15 soums/$1 on Dec. 28.

Translated by NH
Edited by CN