On November 19, a major transaction involving shares of the Almalyk Mining and Metallurgical Complex (AGMK) took place on the Tashkent Stock Exchange.
According to the exchange, 175,472,021 shares were sold during the transaction, accounting for 24.7% of the company’s total issued shares. Each share was sold at a price of 69,499 soums, which was 17.7 times higher than its nominal value.
The total transaction volume amounted to 12.195 trillion soums (approximately $954.3 million at the Central Bank’s exchange rate), marking a record result in the history of the stock exchange.
The share issuance was approved during the shareholders’ meeting in August and received state registration on October 7. The Fund for Reconstruction and Development of Uzbekistan (FRDU) received the shares as repayment for a loan provided to AGMK for the development of the “Yoshlik-1” deposit.
An additional share issuance of up to $1 billion was authorized under a presidential decree issued in 2020. Based on the latest share price, the state company’s expected market capitalization is estimated at $3.9 billion. (UzDaily)