Uzbek Ipoteka Bank eyes to increase share capital

Business Materials 11 January 2018 12:56 (UTC +04:00)

Tashkent, Uzbekistan, Jan. 11

By Mammad Dashdemirov – Trend:

At an extraordinary meeting of shareholders of Uzbekistan’s joint-stock commercial Ipoteka Bank, it was decided to bring the bank’s announced authorized capital to 1.9 trillion soums, Aziz Mukhitdinov, head of the bank’s securities department, told Trend.

He noted that a certain amount of the announced authorized capital gives the bank legal basis for the next issue of shares. Presently, the charter capital is formed in the amount of 838 billion soums and the bank can additionally issue shares in the amount of slightly more than 1 trillion soums.

Until the end of the first quarter of this year, the bank plans to register an additional issue of 100 billion soums, the placement of which will make it possible to bring the authorized capital to 938 billion soums, Mukhitdinov said.

Only common shares will be issued, because the shareholders opposed the issue of new preferred shares, he noted.

It was earlier reported that Ipoteka Bank increased its authorized capital by 2.5 times and brought it to 838 billion soums. The bank’s net profit amounted to 77.1 billion soums in 2016, while it was 60.9 billion soums in 2015.

The bank was established in 2005 and today it is one of the five biggest financial and credit institutions of Uzbekistan in terms of assets and capitalization. Its net profit increased more than threefold and reached 217.7 billion soums in January-September 2017.

($1 = 8,139 soums on Jan. 11)