State Financial Holding will become a shareholder in a state-owned leasing company and the Entrepreneurship Fund

In March, Open Joint-Stock Company “State Financial Holding” adopted a series of resolutions by its sole shareholder aimed at updating internal procedures, increasing capital, and expanding its participation in financial institutions.

According to the resolution dated March 10, the holding company approved new Regulations on the Procurement of Goods, Works, Services, and Consulting Services. The document regulates the company’s procurement procedures and is intended to increase transparency and the efficiency of fund utilization.

Key changes were adopted on March 17. By its decision, the shareholder approved an increase in the holding’s authorized capital by 500 million KGS—from 8.9 billion to 9.4 billion KGS. As part of this, the parameters of the fifth issue of ordinary registered shares, the procedure for their placement, and a new version of the company’s charter were also approved. Additionally, state re-registration of the holding company is planned in connection with the changes in capital.

At the same time, it was decided that Gosfinholding will expand its investment participation in the financial sector. The company intends to allocate 500 million KGS each to acquire additional shares in two entities—OJSC “GLK” (most likely referring to the State Leasing Company) and OJSC MCC “FRP” (Entrepreneurship Development Fund)—thereby becoming a shareholder in both.

The total volume of the announced investments will amount to 1 billion KGS.

At the same time, the ownership structure of the companies is changing:

• in OJSC MCC “FRP,” where the Ministry of Finance was previously the sole shareholder;
• in OJSC “State Leasing Company,” which already has several founders—the Ministry of Finance and the State Development Bank.