Board of Directors of EIC KazakhExport JSC Increases Its Charter Capital by 5 BIllion KZT | Press releases | Export insurance company «KazakhExport»

Press releases

Board of Directors of EIC KazakhExport JSC Increases Its Charter Capital by 5 BIllion KZT

Board of Directors of Export Insurance Company KazakhExport JSC held its regular meeting in Nur-Sultan.

The meeting has covered a number of outstanding issues, including placement of 100 ordinary shares of IEC KazakhExport JSC to the extent of quantity of declared shares, method of and price of their placement.

The Board of Directors has resolved to:

place 100 ordinary shares to the extent of quantity of declared shares of the Company at an offering (selling) price of 50 million KZT per ordinary share for an amount of 5 billion KZT through exercise of a pre-emptive right by the Sole Shareholder of the Company – NMH Baiterek JSC.

The 5 billion KZT increase in charter capital of the Company in 2021 will allow ensuring a sufficient level of sustainability within undertaken insurance commitments.

Funds to increase authorized capital of the Company are provided for by Law of the Republic of Kazakhstan N 379-VІ ‘2021-2023 Republican Budget’ dated 02 December 2020.

Currently, authorized capital of EIC KazakhExport JSC makes 100.1 billion KZT, equity capital is 109.6 billion KZT.

Background:

Export Insurance Company KazakhExport JSC (a part of NMH Baiterek JSC) is a subordinate organization of the Ministry of Trade and Integration of the Republic of Kazakhstan that promotes export of non-primary goods and services. Mission of Export Insurance Company KazakhExport JSC is to support growth of export of non-primary goods, works, services in priority sectors of economy and to develop practice of financial insurance and nonfinancial support to Kazakhstan’s enterprises. Chairman of the Board of Directors of Export Insurance Company KazakhExport JSC is Minister of Trade and Integration of the Republic of Kazakhstan Sultanov Bakhyt Turlykhanovich.