Uzbekistan, Tashkent, Oct.4 / Trend, D. Azizov /
Uzbekistan's State Joint-Stock Insurance Company "Kafolat" intends to increase its authorized capital by 28 percent - to 10.5 billion soums, the company's management told Trend on Tuesday with reference to a decision of the shareholders' extraordinary meeting held last week.
According to the shareholders' decision, the authorized capital is planned to be increased at the expense of additional issue of shares worth 2.3 billion soums. By late 2011, it is planned to issue 1.877 million ordinary shares with par value of 1,225,000 sums each.
At present, the authorized capital of the insurer is 8.2 billion soums. It is divided into 6.688.882 ordinary and 5,000 preferred shares, worth 1,225 soums each.
About 500 shareholders, including 12 legal entities, possess the company's shares. The biggest shareholders are the National Bank for Foreign Economic Affairs - 32 percent, Navoi Mining and Metallurgical Combine - 21.2 percent, Uzagrosugurta - 12.8 percent, the Uzbek Finance Ministry - 9.5 percent and Almalyk Steel Works - 9.1 percent
Kafolat was founded in 1997 by a governmental decision. It is a universal insurance company. Kafolat provides more than 70 types of insurance services. The company has 15 branches in all regions of the republic, including a network of branches and representative offices.
Kafolat collected 11.8 billion soums of insurance premiums in 2010 (increased by 16.8 percent as compared to 2009). The volume of payments will almost double - up to 1.9 billion soums. The volume of commitments increased 1.4 times - up to 3.6 trillion soums.
The official exchange rate is 1.750.27 soums per $1 on Oct.4.