Foreign company sells its stake in Uzbek Savdogarbank
BAKU, Azerbaijan, May 27
By Ilkin Seyfaddini - Trend:
Foreign Kito Investments Ltd company (registered in Singapore) announced its intention to sell its stake in Uzbek Savdogarbank in the amount of 18.62 percent of the authorized capital, Trend reports citing the Toshkent Republican Stock Exchange.
As reported, 242.02 million ordinary shares of the bank are offered at nominal value of 100 soum (total value of $2.3 million).
Savdogarbank was founded in 1994. In 2005, German R&D Express-Ausenhandels bought 40 percent of the shares.
In July, Singapore's Megastrata Ltd bought 13 percent of the shares, increasing its stake to 30 percent. Also among the foreign shareholders is All Americas International Inc. (the US) and Astrata AG (Switzerland).
The bank now has 22 branches, 74 points and 16 mini-banks in its system. The bank also has a subsidiary insurance company Garant Insurance Group.
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