BAKU, Azerbaijan, June 5
By Ilkin Seyfaddini – Trend:
Government of Uzbekistan sold its 25 percent stake in Kafolat Insurance Company to Genesis Innovation company, Trend reports citing the State Asset Management Agency.
The relevant agreement was signed between the company and the State Asset Management Agency on June 4, 2020.
Previously, the company's share in Kafolat was less than 0.1 percent (125,000 shares), now it owns 25 percent (8.8 billion shares).
The sale of 25 percent of the state share in Kafolat insurance company is provided for by the presidential decree of April 29, 2019 on attracting foreign investment into the economy.
Kafolat Insurance Company was founded in 1997. The authorized capital is 33.6 billion soum ($3.3 million). The company has 60 branches and 145 insurance centers in all regions of Uzbekistan.
Genesis Innovation is an IT company founded in 2018, a resident of IT Park. The company is engaged in business analytics and development of software and IT services, mainly for the banking sector.
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