Uzbekistan, Tashkent, Nov 6 /Trend D.Azizov/
Open Joint Stock Company Uzbek Metallurgical Plant (JSC "Uzmetkombinat"), large metallurgical industry of Uzbekistan increased the share capital by 33.5 percent - up to 152.5 billion soum, Uzmetkombinat told Trend.
In June, the annual general meeting of shareholders decided to direct 75.7 percent of net profit, received in 2011 in the amount of 82.4 billion soum to increase the authorized capital with subsequent capitalization. The comparable figure in 2010 was 57.2 billion soum.
In accordance with the decision of the shareholders, the share capital was increased by increasing the nominal value of each share by 960 soum - up to 3.8 thousand soum from the previous 2.84 thousand soum.
In late September, the company has issued 40.156 million shares, including 39.106.272 million simple and 906,420 preferred shares with a par value of 3.8 thousand soum.
The total volume of the additional issue was 152.5 billion soum.
Issue shares were placed by closed subscription among the shareholders of the company in accordance with participation shares by conversion of previously issued shares less par value at to the new ones.
Some 71.91 percent of its shares are owned by the state, 10 percent by the labor collective and 2.65 percent by minority shareholders. The Uzbek National Bank for Foreign Economic Activity, Promavtoinvesttorg, Navoi and Almalyk also own shares.
Uzmetkombinat was commissioned in 1956. Today it is the only ferrous metallurgy factory in Central Asia working with scrap metal. The share of the plant accounts for 90 percent of steel products in the country.
The capacity of the plant is designed to produce 790,000 tons of steel, 760,000 tons of long products, 3,000 tons of brass and copper strips, 2,000 tons of steel enameled cookware, and 1.2 tons of welding electrodes and metal products.
According to the plant steel production in the company increased by 2.2 percent - to 733.1 thousand tons, rolled metal - by 2.6 percent - to 709.9 thousand tons in 2011.
Official exchange rate on November 6 is 1960.0 soum/$1