Uzbekistan to sell state shares in major insurance companies to foreign investors

Uzbekistan to sell state shares in major insurance companies to foreign investors

Tashkent, Uzbekistan, Nov. 28

By Demir Azizov- Trend:

The State Committee for Privatization, Demonopolization and Development of Competition of Uzbekistan has put up the packages of state-owned shares of the two largest insurance companies of the country - Uzagrosugurta JSC and Kafolat Insurance Company JSC with total starting price of $10.67 million for sale to foreign investors.

Uzagrosugurta and Kafolat insurance companies were included in the list of 68 companies, state-owned assets of which are intended for sale to strategic foreign investors in accordance with the presidential decree signed in May 2015.

Shares of the enterprises will be put up for sale at the Tashkent Republican Stock Exchange (RSE) December 4, the committee said.

In particular, 24.6 percent of shares of the Uzagrosugurta insurance company with starting price of $7.35 million and 15.5 percent of shares of the Kafolat Insurance Company JSC with starting price of $3.32 million will be put up for sale at the RSE.

Uzagrosugurta was established in 1997 to provide comprehensive services to insurance companies in the agricultural sector of the economy of Uzbekistan. The company offers more than 70 types of insurance through 13 regional directorates, 173 district and municipal offices, 20 subsidiaries operating throughout Uzbekistan and 426 agency company offices in remote areas.

The authorized capital of the insurance company totals 23.535 billion soums. The largest shareholders of Uzagrosugurta are the Ministry of Finance of Uzbekistan with a 75.6 percent share in the authorized capital and the Uzhlopkoprom state association with a 13.2 percent share.

Uzagrosugurta increased the collection of premiums by 34.7 percent in 2014 compared to the same period in 2013 - up to 83.1 billion soums, the total amount of payments for 2014 increased by 62.4 percent to 13.9 billion soums.

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.

Kafolat's authorized capital is 26.162 billion soums. 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.

In 2014, the company collected insurance premiums worth 42.1 billion soums (a growth by 38.9 percent compared with 2013), the volume of payments rose by 3.1 percent up to 6.7 billion soums.

7 dead due to heavy rains, flooding in southwestern Japan
7 dead due to heavy rains, flooding in southwestern Japan
Moscow's death toll from confirmed coronavirus cases rises by 24 to 3,953
Moscow's death toll from confirmed coronavirus cases rises by 24 to 3,953
Iran files lawsuit against U.S. over sanctions amid COVID-19 fight
Iran files lawsuit against U.S. over sanctions amid COVID-19 fight
Loading Bars
Zarif says will publish letters on how to activate dispute resolution mechanism
IFC talks development of solar photovoltaic parks in Uzbekistan
7 dead due to heavy rains, flooding in southwestern Japan
Moscow's death toll from confirmed coronavirus cases rises by 24 to 3,953
Iran files lawsuit against U.S. over sanctions amid COVID-19 fight
Turkey's daily COVID-19 cases drop slightly for 5th day
WHO halts hydroxychloroquine, HIV drugs in COVID trials after failure to reduce death
WHO reports single-day increase in coronavirus cases by over 212,000
A patient with a coronavirus died in Bukhara region
Two new COVID-19 cases confirmed in Georgia
Azerbaijan to simplify its int'l road transport movement with new e-technology
Turkey's cement export to Iraq drops
Fire in power plant in SW Iran contained
TRACECA to implement pilot project on applying electronic permits
Azerbaijani university opens tender on repair work
Azerbaijan confirms 534 new COVID-19 cases
AZAL to perform another additional special flight to Istanbul
1 dead, 3 wounded in U.S. nightclub shooting
Brazil reports over 1.5 mln COVID-19 cases, with 63,174 deaths
Azerbaijan to increase share of renewables in electricity generation
Azerbaijan Investment Company purchasing shares
Foreign trade operations between Azerbaijan, Malaysia almost double
Volume of S.Korean goods import to Azerbaijan grows
Turkmenistan to start second stage of cement plant construction in Lebap region
New tourist zone to open in Baku (PHOTO)
BSTDB may release second tranche of manat bonds
Azerbaijani Kapital Bank expanding mortgage lending
State Commodity Exchange of Turkmenistan reveals data for 1H2020
Azerbaijan-Mexico five-month trade turnover increases
Turkey unveils volume of cargo transshipment from Ukraine via its ports
Activity of Iran's Aras Free Zone skyrockets, compared to last year
Talks over Energy Charter Treaty's modernization to start soon (PHOTO)
Turkmenistan to build new plants for mineral fertilizer production
Iran reveals its COVID-19 data for July 4
Georgia sees increase in prices of real estate for rent in suburbs
Suicide car bomber hits checkpoint at Somalia's Mogadishu port
Shell CEO does not rule out moving headquarters to Britain
Fitch Ratings: Growth in Azerbaijan's insurance sector depends on regulated tariffs
Weekly review of Azerbaijan's precious metals market (June 26-July 3)
Oil transportation via Ceyhan-Kirikkale pipeline through Turkey up
Lithuania considers transport co-op with Kazakhstan among top priorities
Samarkand Automobile Plant in Uzbekistan to produce ambulances
Uzbekistan increases number of refrigerated cargo wagons
Indonesia reports 1,447 new coronavirus infections
Overall production up in Turkmenistan with major part falling on private sector
China allocates humanitarian aid to Kazakhstan, backing anti-COVID battle
Turkmenistan reveals its oil production data for 1H2020
Iran's government stays committed to raising production
Uzbekistan receiving humanitarian aid from US charities
Weekly review of Azerbaijani currency market (June 26-July 3)
Azerbaijan's Bank BTB increases its total liabilities
Georgian municipality reveals volume of potato harvest
India coronavirus cases hit record high amid monsoon rains
Litzenberger: US, Azerbaijan share important partnership (VIDEO)
Russia's coronavirus cases near 675,000, death toll passes 10,000
Australia's Victoria reports 108 new coronavirus cases, biggest jump since March
UNEC brand was also known in Estonia
Uzbekistan to direct IDA's loan on urgent COVID-19-response measures
Least attractive Kazakh economy sectors for French companies revealed
Turkmenistan's cargo transportation for 1H2020 revealed
Turkmenistan's GDP increases in 1H2020
Tokyo new coronavirus infections over 100 for third day
Seven police hurt in violence at London music event
Europe to supply Asian countries with olive products through Georgia
Georgia reports new cases of coronavirus
Brazil health regulator Anvisa allows Chinese COVID-19 vaccine trial
Kazakhstan's import of Canada-made goods nearly twofold down
Armenia violates ceasefire with Azerbaijan 42 times
Azerbaijan's SOCAR Polymer planning to produce next polypropylene batch
Aeromexico shares rise for second day despite missed debt payment
Kazakhstan’s oil producing company to buy pipes via tender
Kyrgyzstan’s COVID-19 cases reach 7,094
Kazakhstan confirms 1,644 new coronavirus cases over past 24 hours
Israeli PM asks citizens to follow COVID-19 restrictions due to surge in morbidity
Air France set to cut more than 7,500 jobs
Turkey nearly halves leather export to Uzbekistan
Iran cuts import of electrical goods from Turkey
Iran among top three countries in world for caviar producing, sturgeon farming
Brazil reports over 1.5 mln COVID-19 cases, with 63,174 deaths
Geostat reveals producer price indices for services in Georgia
Chinese mainland reports 3 new confirmed COVID-19 cases
Japan's Cokey Systems talks its activities in Uzbekistan
4 dead in small plane crash in Utah mountains
Global coronavirus cases rise to more than 11 million
4 injured in shooting at shopping mall in U.S. Alabama
U.S. South Carolina reports 20.7 pct positivity rate from new coronavirus tests
Export of Turkish chemicals to Uzbekistan declines
Geostat: Georgia increases fruit exports
Mexican soldiers kill 12 in cartel clash near border
Iran says to announce cause of nuclear facility "incident" at "appropriate time"
4 killed, 108 wounded in fireworks factory blast in NW Turkey: ministers
Brazil set to pass 1.5 million coronavirus cases, cities reopen anyway
Zarif writes to Borrell on EU's noncompliance with JCPOA
WHO sees first results from COVID drug trials within two weeks
Number of job seekers from Turkey to Kazakhstan increasing
Spain registers rise in new COVID-19 cases in past week
Saudi-led coalition intercepts 4 bomb-laden drones
Switzerland to open borders for Georgian citizens from July 20
Over 400 beat COVID-19 in Kazakhstan
Turkey reports 1,172 new COVID-19 cases, 203,456 in total
All news