DUSHANBE, April 9, Asia-Plus - Open joint-stock company TojikSodirotBonk (TSB) plans to increase its regulative capital up to 100 million somonis in the coming two years.

Abduahad Ashourov, Chairman of the TSB Board of Directors, said in an interview with Asia-Plus that the current TSB’s regulative capital amounts to 49 million somonis. 

“A decision to increase the bank’s regulative capital was made a general meeting of TSB shareholders that was held in Dushanbe in late March” Ashourov said, noting that the bank intends to have increased its issued share capital from 35.2 million somonis to 45.2 million somonis by the end of the year.  

“To increase its issued share capital TSB plans to issue another bulk of simple voting shares,” said the chairman of the bank directors’ board, “The eleventh issue of the voting shares will be announced after passing appropriate procedures at the Ministry of Justice.” 

Shares can be voting or non-voting, meaning they either do or not carry the right to vote on the board of directors and corporate policy.  Whether this right exists often affects the value of the share.  Voting and Non-voting shares are also known as Class A and Class B.  

Ashourov said that the face value of one simple share is 100 somonis, and both residents and non-residents of Tajikistan can be shareholders in TSB. 

As of March 14, 2007, the main shareholders in TSB have been joint closed joint-stock company Eurasia owning 32.06 percent of the voting shares, the Netherlands’ P.J. v/d Molen Rotterdam (19.1 percent), Media Plus (12.63 percent), limited liability company Ehson (10.34 percent), limited liability company Vostok (6.38 percent), limited liability Ideal M (5.29 percent), company Doro (2.73 percent), Switzerland’s Felix Trade AG (2.64 percent) KOOP Vneshtorg (Foreign Trade) of Tojikmatlubot Union and physical entities (5.53 percent).  

TSB was established in December 1990 as the Tajik branch of the Vnesh Econom Bank of the former Soviet Union, and it initially specialized in trade and import-export banking.  Later this branch was reorganized into a Joint-Stock Commercial Bank “Tajikvnesheconombank”. In June 1999 the bank was renamed and registered as Tojiksodirotbonk or TSB.

Headquartered in Dushanbe, TSB has 9 branches in the main cities of Tajikistan and covering all regions of the country. Its clients include the biggest Tajik trading companies, other enterprises, entrepreneurs, and some of the embassies and diplomatic organizations based in Dushanbe.