Charter capitals of only 662 joint stock companies meet requirements of legislation

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 662 joint stock companies out of total 1,402 registered at the Central Depository meet requirements of the decree. Their total volume of authorized capital makes up 6.755 trillion soums or 98.84% of total volume of emission of all joint stock companies.

According to the Depository, some 78 companies with total sum of equity capital of 30.96 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 0.46%.

The Depository said about 662 joint stock companies with total volume of charter capitals for 48.1 billion soums have authorized capitals less than US$200,000. Their share in total emission volume made up 0.7%.

As of 1 January 2011, the Central Depository registered shares of 1,402 joint stock companies. Total volume of securities made up 6.598 billion and their volume in money terms – 6.834 trillion soums on par value.

The depository said that the number of registered joint stock companies decreased by 217 compared to the beginning of 2010 (1,619 joint stock companies, 4.824 billion shares with volume of 5.805 trillion soums), number of registered shares rose by 1.774 billion and their monetary volume by 1.029 trillion soums.

Along with the shares, the depository registered 9.8 million bonds for 512.9 billion soums, which was emitted by 31 issuers in the reporting period compared to 9.2 million bonds for 30.4 billion soums, issued by 18 issuers at the beginning of 2010.