Uzbekistan’s insurance company Kafolat increases authorized capital by almost three times
Tashkent, Uzbekistan, Feb. 2
By Demir Azizov - Trend:
Uzbekistan's state joint-stock insurance company Kafolat, one of the largest insurers in the country, increased its authorized capital by 2.7 times up to 26.162 billion UZS through placement of 16.59 billion UZS additional emission, the company's management told Trend Feb. 2.
A total of 11,601,033 ordinary shares at par value of 1,430 UZS each were issued as part of the additional emission, registered by the Center for Coordination and Development of Securities Market in October 2014.
All the securities were placed on a closed subscription to the Finance Ministry of Uzbekistan. The payment for additional emission shares was carried out through the transfer of the former building of the state joint-stock insurance companies Uzagrosugurta and Kafolat, with a total area of 7,668 square meters, to the statutory fund.
Currently, Kafolat's authorized capital consists of 18,294,915 shares at par value of 1,430 UZS each, including 18,289,915 ordinary and 5,000 preference shares.
About 500 shareholders, including 12 legal entities own the company's shares. The largest shareholder is the Ministry of Finance with a share of 67 percent in the authorized capital.
The other major shareholders are the National Bank for Foreign Economic Activity of Uzbekistan (NBU) - 11.8 percent, the Navoi Mining and Metallurgical Combine (NMMC) - 7.9 percent, the state joint-stock company Uzagrosugurta - 4.8 percent, and the Almalyk Mining and Metallurgical Combine - 3.4 percent.
Kafolat was created in 1997 by the decision of the government.
The company carries out about 80 types of insurance, having over 150 territorial divisions in all regions of Uzbekistan.
In 2014, the company collected insurance premiums worth 42.1 billion UZS (a growth by 38.9 percent compared with 2013), the volume of payments rose by 3.1 percent up to 6.7 billion UZS.
The official exchange rate for Feb. 2 is 2436.16 UZS/$1.
Edited by CN