Uzbek Kizilkumcement increases its authorised capital by 16 per cent
Uzbekistan, Tashkent, Aug. 28 /Trend D.Azizov/
Open Joint Stock Company (OJSC) Kizilkumcement which is the largest enterprise in Uzbekistan's cement industry, increased its share capital by 16 per cent to 346.08 billion soum by directing the net income for 2011 to capitalisation, a company spokesman told Trend on Tuesday.
In early June, the shareholders annual general meeting decided to send 47.735 billion soum, or 72.95 per cent of the net profit for 2011 to capitalisation.
It was planned to increase the authorised capital through increasing the nominal value of the shares to 174,000 soum from 150,000 soum.
The company noted that 1.988.964 million shares with a nominal value of 174,000 soum each for a total of 346.79.736 billion soum.
Securities that were placed by closed subscription among the company's shareholders by way of conversion of previously issued shares with a nominal value of 150,000 soum were converted into new shares corresponding to participation rights.
The state owns 90.35 per cent of the shares and labour groups - 9.65 per cent in the structure of the share capital of the enterprise.
Kizilkumcement was commissioned in 1977. Its design capacity is the production of more than 3.1 million tons of cement per year by a 'dry' method.
In 2011, revenue from the sales of goods increased by 28.6 per cent - up to 468.821 billion soum, net revenues - by 35.1 per cent - up to 197.993 billion soum. Fixed assets of the company increased to 171.465 billion soum (up 9.1 per cent).
At present, six cement plants with a total capacity of about seven million tons operate in Uzbekistan. The largest plants are 'Kizilkumcement' (3.15 million tons), 'Ahangarancement' (1.74 million tons) and 'Kuvasaycement' (920,000 tons).
According to official statistics, the production of cement decreased by 1.5 per cent up to 6.69 million tons in Uzbekistan in 2011 compared to 2010.
Official exchange rate on Aug 28 is 1921,74 soum / $1