Uzbekistan, Tashkent, July 4 / Trend D. Azizov /
The Tashkent Uzbek Republican Stock Exchange will place additional share issue worth 44 billion soums in July to increase the authorized capital by 45 times to 45 billion soums, a source in the exchange told Trend today.
According to the source, the Centre for Coordination and Control over the Securities Market registered the additional issue envisaging the issue of 17 million 187,500 common registered shares with a nominal value of 2,560 soums each.
According to the issue terms, all shares will be placed through closed subscription until July 22, 2012. In the future, the securities will be sold through the off-exchange market by concluding a direct contract between the issuer and the State Property Committee by
registering in the Central Depository.
According to the decree, Korea Stock Exchange with a share of 25 percent minus one share, the Uzbek State Property Committee - 50 percent plus one share, the National Bank for Foreign Economic Affairs, Public and Commercial National Bank, Asaka-bank and
Uzpromstroybank will be Uzbek Republican Stock Exchange's shareholders.
A package of sharess, intended for Korea Stock Exchange, will be sent to it in exchange for the supply of equipment and launching the single program-technical complex for a total amount not less than $6 million.
The complex will unify and standardize the software of securities market participants, create a database, simplify the accounting system and improve the settlement and clearing services of the transactions.
The Korea Stock Exchange and the Uzbek State Property Committee signed a general agreement on the modernization of the Uzbek stock market in June 2011. Besides the introduction of software-hardware complex, the agreement includes the expansion of the cooperation in all areas of the stock markets of both countries to create a modernized
infrastructure of the stock market in Uzbekistan.
Republican Stock Exchange Tashkent was established in 1994, its founders are investment, brokerage and insurance companies, as well as the State Property Committee of Uzbekistan. The Exchange will organize initial public offering and secondary trading of shares and bonds of the privatized companies (traded around 370 issuers). More than 100 investment institutions are exchange members.
The official exchange rate is 1.888.64 soums/$1.
