Two Uzbek companies’ share packages put for exchange trading

Business Materials 29 April 2016 20:16 (UTC +04:00)

Tashkent, Uzbekistan, April 29

By Demir Azizov- Trend:

The Uzbek State Committee on Privatization, Demonopolization and Development of Competition put the state share packages of the country's two largest insurance companies for exchange trading, the Tashkent Republican Stock Exchange told Trend April 27.

The state share packages of Uzagrosugurta JSC and Kafolat JSC were put for exchange trading for foreign investors.

The state-owned shares of JSC Uzagrosugurta in the amount of 24.6 percent of the authorized capital are estimated at $7.35 million, 15.5 percent of shares of JSC Kafolat - $3.31 million.

Uzagrosugurta was established in 1997 to render 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 the insurance company are the Ministry of Finance - 75.6 percent in the authorized capital, while the Uzpakhtasanoat state association - 13.2 percent.

Uzagrosugurta insurance company increased the collection of insurance premiums by 31.2 percent up to 109 billion soums in 2015 compared to 2014. The payments increased by 74.8 percent to 24.3 billion soums in 2015.

Kafolat was founded in 1997 upon the Uzbek government's decision. The company renders more than 80 types of insurance in over 150 territorial divisions throughout the country.

The authorized capital of the insurer has been formed in the amount of 26.162 billion soums.
Some 500 shareholders, including 12 legal entities have the company's shares.

The largest shareholder is the ministry of finance with a 67 percent share in the authorized capital.

Other largest shareholders are the National Bank for Foreign Economic Activity - 11.8 percent, the Navoi Mining and Metallurgical Combine (NMMC) - 7.9 percent, the State Joint-Stock Company Uzagrosugurta - 4.8 percent, Almalyk Steel and Mining plant - 3.4 percent.

In 2015, the company collected insurance premiums in the amount of 57.8 billion soums (37.3 percent more compared to 2014), the volume of payments increased by 50.2 percent - up to 14 billion soums.

As of April 27, the official exchange rate is 2899.5 soums /$1.