The authorised capital of the ‘Kyrgyzsuudolboora’ design institute is to be increased by 446.3 million KGS

The shareholders of the ‘Kyrgyzsuudolboor’ design and survey institute, which specialises in the design of water management facilities, hydraulic engineering structures and land reclamation works, have approved an increase in the company’s authorised capital by a total of 446.3 million KGS. The decision was taken on 18 August at an extraordinary general meeting.

The first additional issue will amount to 300 million KGS. The company will issue 9.009 million ordinary shares with a nominal value of 33.3333 KGS each.

The shares will be placed on a private placement basis with the Cabinet of Ministers, represented by the Ministry of Water Resources, Agriculture and the Processing Industry. Pre-emptive rights will not apply. The decision was taken in accordance with a Cabinet of Ministers decree.

The capital will be increased by a further 146.3 million KGS through the transfer of assets. A building in Bishkek at 1a Sovetskaya Street, together with the adjacent plot of land, will be transferred to the balance sheet of ‘Kyrgyzsuudolboor’. The value of the property has been set at 146,271,700 KGS. The company will carry out an additional share issue for the corresponding amount, which will also be allocated to the Cabinet of Ministers, represented by the relevant ministry.

Thus, not the entire amount of the capital increase will be received by the company in cash.

In addition, the shareholders have approved the purchase of laboratory equipment worth no more than 70 million KGS. This equipment is intended for carrying out engineering-geological surveys, as well as for use in construction and chemical laboratories. The Board of Directors has been instructed to organise the purchase, conclude contracts and pay for the equipment within the approved budget.

The company has also been granted the right to place temporarily available funds in demand deposit accounts with financial and credit institutions. The company’s board of directors will be responsible for selecting the institutions, the amounts and the terms of the deposits.