BAKU, Azerbaijan, Sept. 3
By Klavdiya Romakayeva - Trend:
Capital Markets Development Agency in Uzbekistan has registered an additional common and preferred shares of Uzbekneftegaz for a total par value of 206.15 million soums ($20,077), Trend reports referring to Unified portal of corporate information in Uzbekistan.
The decision to issue shares was made on July 17, 2020, according to which the shares are placed among the shareholders of Andijanneft JSC in connection with its merger with Uzbekneftegaz JSC.
The decision also states that the shares are placed by converting Andijanneft shares into Uzbekneftegaz shares in accordance with a 1:1 conversion ratio. At the same time, ordinary shares not owned by the state are converted into preferred shares. The rest of the shares are converted in accordance with the merger agreement.
Conversion of common shares into preferred shares, corporate bonds and other securities is not allowed.
At the extraordinary general meeting of shareholders of Jarkurganneft JSC in May, the required majority of shareholders did not support the Jarkurganneft JSC's merger with Uzbekneftegaz.
On June 30, the shareholder of Uzbekneftegaz JSC decided to buy out at least 63,220 shares (about 24 percent) of shares of Jarkurganneft JSC for 200,000 soums ($19,478) per ordinary share.