OJSC NBO Roghun shareholders expected to raise the company’s authorized capital

26/04/2016 14:40
Asia-Plus
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DUSHANBE, April 26, 2016, Asia-Plus – Shareholders of Open Joint-Stock Company (OJSC) NBO Roghun are expected to raise the company’s authorized capital.

An annual meeting of OJSC NBO Roghun shareholders will take place at the National Library in Dushanbe on May 27.  

Nine issues have reportedly been tabled to the meeting’s agenda. The meeting participants, in particular, will discuss annual report and financial account of the company for 2015 and issues related to raising the company’s authorized capital, a source at OJSC NBO Roghun told Asia-Plus in an interview.  

We will recall that the shareholders last year increased the company’s authorized capital to 14 billion somoni.

The company’s authorized capital doubled in a year to February 1, 2015, reaching 12 billion somoni and the shareholders decided to increase it to 14 billion somoni.

The shareholders will also elect new members of the Supervisory Board.

We will recall that the first annual meeting of the shareholders of OJSC NBO Roghun was held on May 25, 2011 and the last annual meeting was held on June 28, 2014.

Tajikistan founded OJSC NBO Roghun with an authorized capital of 116 million somoni for completing the construction of the Roghun station in April 2008 after it formally revoked a contract with Russia's RusAl aluminum company for the construction of the Roghun HPP in August 2007.  The Tajik government accused the Russian company of failing to fulfill the contract signed in 2004.  Tajik authorities and RusAl became bogged down in the hydroelectric plant's dam model and height, crucial factors in its capacity.

To raise funds to complete construction of the Roghun HPP the government started to sell shares in Roghun to people on January 6, 2010.  Tajikistan has reportedly issued 6 billion somoni worth of Roghun shares.

To-date, the sale of Roghun shares has reportedly earned the government 830 million somoni.

22,000 people are reportedly holders of the Certificates of Shares (the face value of one Certificate of Shares is 5,000 somoni) and nearly 2 million people are holders of shares of the face values of 100, 500 and 1,000 somoni.

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