Uzbekistan, Tashkent, Feb. 12 / Trend D.Azizov /
Almalyk Mining and Metallurgical Plant JSC (AMMC, Tashkent region), the largest copper producer in Central Asia increased its share capital by 22.7 percent, up to 198.182 billion soum, a company representative told Trend on Tuesday.
According to the source, the AMMC placed issue of shares worth 198.182 billion Soum, a total of 87.466 million ordinary and 2.249 million preferred shares at par value of 2,209 Soum.
The issue was released in accordance with the decision of the annual general meeting of shareholders of the AMMC on outcomes of 2011 in order to increase the resource base of the company.
As reported, the shareholders decided to increase the authorized capital through increasing the nominal value of shares from 1,800 soum to 2,209 soum, directing for these purposes 28.5 percent (36.694 billion soum) of the total net profit for 2011.
The securities were placed by private subscription among shareholders of the AMMC in accordance with participation shares through conversion of shares of par value of 1,800 soum into new ones.
Currently, the authorized capital of the AMMC is 198,181,888,000 Soum and divided into 2,249,558 shares of preferred and 87.466 million ordinary shares of par value of 2,209 soum.
97.5 percent of shares in the structure of the authorized fund is owned by the state, 2.5 percent - by the labor collective.
Almalyk Mining is the only copper producer in Uzbekistan. Resource base of the AMMC is formed by copper-porphyry ores Kalmakyr and Sary Cheku (Tashkent region), lead-zinc-barite ore field Uch-Kulach (Djizak region) and Khandiza mine ores (Kashkadarya region).
The company produces refined copper, zinc metal, iron, lead concentrate and other products. The AMMC accounts for nearly 90 percent of silver and 20 percent of gold production in the country.
The AMMC currently is undertaking a number of investment projects on modernization and reconstruction of existing production, the expansion of raw material base and the construction of new facilities with a total project cost of around $ 670 million.
According to the state investment program for 2013, $ 140 million is planned to be allocated for those purposes, including $ 45.4 million from own funds of the AMMC.
The official exchange rate on 12 Feb. is 2010.08 soum / $ 1.