Uzbek Turon bank to increase registered capital by 17.7%

Uzbekistan, Tashkent, Jan. 25 / Trend D.Azizov /

Uzbek joint-stock commercial bank Turonbank, included in the group of medium banks in Uzbekistan will increase its registered capital by 17.7 percent up to 40 billion soums by placing additional shares worth six billion soums, the bank said.

According to the emission prospectus, the bank will issue 3.53 million units of securities, including 2.83 million common and 700,000 preferred shares with nominal value of 1.700 soums.

Placement of shares is provided by public subscription, whereas at least 25 percent of them will be placed by the Republican Stock Exchange Tashkent.

As reported in August last year, Standard & Poor's Ratings Services assigned its 'B-' long-term and 'C' short-term counterparty credit ratings to Uzbekistan-based Turon Bank with the stable outlook.

The agency noted that ratings could be upgraded if Turon Bank significantly improves capital ratios, significantly increases the diversification of its lending operations and improves asset quality.

At the same time, the ratings could be lowered if the Turon Bank does not meet the statutory requirements for minimum capital adequacy of its capital base gets worse.

In early December last year Turon bank increased its registered capital by 21.4 per cent up to 34 billion soums by directing part of the retained earnings in 2010-2011 to the amount of six billion soums and increasing nominal per share by 300 soums up to 1.700 soums from the current 1.400 soums.

Shares of the issue were placed by private subscription among the shareholders according to participation shares through conversion of smaller nominal value shares to shares of the new issue.

The authorised capital of the Bank amounts to 34 billion soums and consists of 20 million shares, including 16.91 million ordinary shares and 3.09 million preferred shares with a par value of 1.700 soums.

Turon JSCB was established in October 1990. The founder is the Uzbek Ministry of Agriculture and Water Resources and its departments. The majoroity shareholders of Turonbank are Energokimyomarkaz with 19.4 per cent, Tabiat Mehri farm with 16.1 per cent and Infrastruktura JSC with 14.35 per cent. According to the bank, its assets currently stand at about 500 billion soums.

The bank consists of 15 branches in all regions of the country, more than 100 departments of banking services, including a retail service centre network, exchange offices and savings banks in all regions of Uzbekistan.

The official exchange rate is 1993,53/$1 on January 25.

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