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    Uzbekistan Economics Business

    OTP Bank invites Ipoteka-Bank shareholders to sell their shares

    OTP Bank invites Ipoteka-Bank shareholders to sell their shares

    OTP Bank Nyrt, the majority shareholder of Ipoteka-Bank with an ownership stake of 79.58%, has announced an offer inviting other shareholders to sell their shares in Ipoteka-Bank.

    Photo: Shareholders can sell ordinary shares for UZS 1.1 each and preferred shares for UZS 3
    Source: Google Images

     

    Under this offer, OTP Bank Nyrt proposes to purchase ordinary shares at a price of UZS 1.1 each and preferred shares at UZS 3 each (less than 50 cents). Shareholders interested in accepting this offer are required to submit their written consent ("Application") to info@ipotekabank.uz using the provided form within 30 calendar days from the date of this announcement, specifically until the end of business on July 24, 2024.

    Shareholders, particularly legal entities, must ensure the Application is completed, signed, and sealed with their company seal where applicable. It is the responsibility of each shareholder to obtain necessary approvals, and consents, and provide the required documents to facilitate the sale of their shares, including managing associated commissions, fees, and taxes.

    This offer follows OTP Bank Nyrt's acquisition of a 73.71% state stake in Ipoteka Bank in June 2023, valued at $324mn. OTP Bank intends to further increase its ownership in Ipoteka Bank to 98% over the next three years, consolidating its position within the Uzbekistan banking sector.

    In December 2023, Ipoteka-Bank announced a $70mn capital infusion from its primary investor, OTP Bank. This strategic initiative resulted in OTP Bank's ownership stake in Ipoteka-Bank rising from 75% to 79.6% of the authorized capital. The capitalization involved the issuance of 844.63bn common shares exclusively allocated to OTP Bank under a sales contract between the two entities. As a result, Ipoteka-Bank's authorized capital increased by 28.3%, totaling UZS 3.83 trillion ($308.7mn).

     

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    27.06.2024, 12:34   Comments (0)   1197
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