Tashkent, Uzbekistan, Dec. 4
By Demir Azizov - Trend:
A general meeting of shareholders of Asaka State Joint-Stock Bank was held last week.
Asaka is the second largest commercial bank in Uzbekistan. A decision was made to increase its authorized capital by more than 16 percent - up to 533.235 billion soums through the issuance of shares worth 75 billion soums, the bank's management told Trend.
The emission prospectus was submitted to the center for coordination and control over the securities market. The bank expects that it will be registered by late December.
Asaka bank issued 1.226 million ordinary shares with par value of 61,140 soums each totaling 75 billion soums. It is planned to increase its authorized capital by 18 percent - up to 494.88 billion soums in December 2013.
The placement of securities was envisaged by the closed subscription among Almalyk Mining-Metallurgical Complex JSC, Navoi Mining and Metallurgical Combine, Uzbekistan Railways, Uzbekneftegaz national holding company, Uzbektelecom, Uzbekenergo and Uzmetkombinat for 150 calendar days.
The new version of the law on "Joint-stock companies and protection of shareholders' rights" entered into force in May this year. It sets the maximum amount of the nominal value of shares of not more than 5,000 soums. The bank split the shares in July.
The shares were split at the rate of 1: 60, i.e. the nominal value of each share of 61,140 soums was split into 60 shares with a nominal of 1,019 soums.
Moreover, the bank transferred 58.8 percent (38.354 billion soums) of net profit for 2013 for the capitalization. It increased the share capital by nine percent - from 419.881 billion soums to 458.235 billion soums upon a decision of the annual general meeting of shareholders.
Currently, the authorized capital of Asaka bank consists of 412.52 million ordinary shares with a nominal 1.112 soums each.
At present, the bank's shareholders are the Finance Ministry - 60.96 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.
Asaka bank was established in 1996. The bank is mainly involved in lending to the automotive industry.
In 2013, Asaka State Joint-Stock Commercial Bank increased its assets calculated in accordance with National Accounting Standards, by 7.5 percent up to 4.543 trillion soums, credit portfolio- by 20.4 percent (up to 2.903 trillion soums) and equity - by 13.8 percent (up to 577.367 billion soums) compared to 2012.
The official exchange rate is 2401,09 soums/$1 Dec. 4.
edited by CN