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Charter capitals of only 691 joint stock companies meet requirements of legislation

Charter capitals of only 691 joint stock companies meet requirements of legislation

Charter capitals of only 691 joint stock companies meet requirements of legislation

08 August 2011 10:06
Tashkent, Uzbekistan (UzDaily.com) -- Only 691 of joint stock companies of Uzbekistan fulfilled requirements of legislation on minimal size of charter capital as of 1 July 2011, the Central Securities Depository of Uzbekistan said.

President of Uzbekistan Islam Karimov signed a decree “On measures on further improving financial sustainability of enterprises of real sector of economy” on 18 November 2010. The document set minimal size of charter capital for newly created joint stock companies at the size of US$400,000 from 1 January 2009.

The decree added that existing joint stock companies should raise their charter capitals to US$400,000 by 1 January 2010 or reorganize enterprise to private form of ownership.

The depository said 691 joint stock companies out of total 1,336 registered at the Central Depository meet requirements of the decree. Their total volume of authorized capital makes up 6.95 trillion soums or 98.99% of total volume of emission of all joint stock companies.

According to the Depository, some 67 companies with total sum of equity capital of 26.8 billion soums have chance to increase their charter capital to the size, envisaged in the document. Their charter capitals are between US$200,000 and US$400,000. Their share in total volume of emission of all joint stock companies made up 0.38%.

The Depository said about 578 joint stock companies with total volume of charter capitals for 44 billion soums have authorized capitals less than US$200,000. Their share in total emission volume made up 0.63%.

As of 1 July 2011, the Central Depository registered shares of 1,336 joint stock companies. Total volume of securities made up 6.616 billion and their volume in money terms – 7.02 trillion soums on par value.

The depository said that the number of registered joint stock companies decreased by 31 compared to the beginning of 2011 (1,402 joint stock companies, 6.598 billion shares with volume of 6.834 trillion soums), number of registered shares rose by 18.4 million and their monetary volume by 187.1 billion soums.

Along with the shares, the depository registered 9.6 million bonds for 224.2 billion soums, which was emitted by 29 issuers in the reporting period compared to 9.8 million bonds for 512.9 billion soums, issued by 31 issuers at the beginning of 2011.