Tashkent, Uzbekistan, March 20
By Demir Azizov - Trend:
The Kafolat State Joint-Stock Insurance Company, one of Uzbekistan's largest insurers, will increase its authorised capital by 17 percent to 9.572 billion soums, a company representative told Trend on March 20.
The authorised capital will increase in accordance with the decision of the shareholders annual general meeting held in 2012.
It was earlier reported that in June 2013, the shareholders decided to direct some net income as of 2012 for the capitalisation by increasing the nominal value of each share from 1225 soums to 1430 soums.
Kafolat's net profit as of 2012 amounted to 1.5 billion soums. A decision was made to transfer 1.372 billion soums for capitalisation, according to the insurance company.
The Uzbek centre for coordination and development of the securities market registered the prospectus of the company's shares totalling 9.572.251 billion soums at the beginning of the week.
The company will issue 6.688.882 million ordinary and 5000 preferred shares worth 1.43 soums each, according to the issue terms.
The shares will be placed through a closed subscription among shareholders of the company.
Kafolat was founded in 1997 upon the Uzbek government's decision. The company renders 80 types of insurance through over 150 branches in all regions of the country.
Currently, the authorised capital of the insurer amounts to 8.2 billion soums.
The largest shareholders are the National Bank for Foreign Economic Activity - 32 percent, the Navoi Mining and Metallurgical Combine (NMMC) - 21.2 percent, public joint stock company Uzagrosugurt - 12.8 percent, the Ministry of Finance - 9.5 percent and Almalyk Steel and Mining plant - 9.1 percent.
The insurance company collected premiums amounting to 30.3 billion soums in 2013, up 45.8 percent compared to 2012, whilst the amount of payments increased by 2.5 times up to 6.5 billion soums.
The official exchange rate is 2.250.36 soums/$1 on March 20.
Translated by NH
Edited by SM