Uzbek "Kafolat" insurance company to increase authorized capital at expense of net profit
Tashkent, Uzbekistan, July 7
By Demir Azizov- Trend:
"Kafolat" State Joint-Stock Insurance Company which is among the largest insurers in Uzbekistan, will spend 83.3 percent of its direct net profit for 2013 to increase the authorized capital, the company told Trend with reference to the decision of the Annual General Meeting of shareholders.
The authorized capital is to increase by 21 percent up to 11.6 billion soums by means of increasing nominal cost of each share from 1,430 soums to 1,730 soums,
It is expected that shares with par value of 1,730 soum will be issued over the next three months and placed on closed subscription among shareholders of the company in accordance with an entity's interests by converting the old into new securities.
As of 2013, the net profit of the company amounted to $2.4 billion soums, which is 1.6 times higher than the net profit of the previous year. Over two billion soums will be allocated to increase the authorized capital.
At present, the authorized capital of the company formed in the amount of 9,572,251,260 soums, it consists of 6, 688, 882 ordinary shares and 5,000 preferred shares with the nominal of 1.43 soums each.
The largest shareholders are the National Bank of Foreign Economic Activity (NBU) - 32 percent, the Navoi Mining and Metallurgical Combine - 21.2 percent, "Uzagrosugurta" public joint stock company - 12.8, the Uzbek Ministry of Finance - 9.5 percent and Almalyk mining and Metallurgical Plant - 9.1 percent.
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.
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 on July 4 was 2316.27 soum / $ 1.
Edited by CN