TASHKENT, Uzbekistan, March 27. Uzbekistan's Uzum Bank increases its authorized capital to 350 billion soums ($27.7 million), Trend reports.
According to the Unified Corporate Portal, Uzbekistan's National Agency for Perspective Projects has registered the issue of additional securities of Uzum Bank for additional capitalization.
The issue volume will amount to 150 million common shares with a nominal value of 1,000 soums ($0.079) per unit. According to the February decision, all securities will be placed with Continent Arm Investments, a subsidiary of Uzum Holding, registered in the UAE.
After the placement, the authorized capital of Uzum Bank will amount to 350 billion soums ($27.7 million). This amount will become the minimum for banks in Uzbekistan on April 1.
Earlier in April 2023, Uzbekistan's President Shavkat Mirziyoyev signed a law approving a gradual increase in the minimum amount of authorized capital for banks. From September 2023, the lower threshold is 200 billion soums ($15.8 million), and in 2025 it will increase to 500 billion soums ($39.6 million).
Banks must bring their authorized capital in line with the minimum threshold within the specified timeframe. In the event of a merger of banks, their division, or the separation of one bank from another, the authorized capital shall be formed on the basis of the minimum amount as of the date of creation or reorganization.
Exceptions to the rules may be made for the privatization of banks with state shares by non-residents. In such a case, the Central Bank Board will be able to set the deadline for increasing the authorized capital.
