Tashkent, Uzbekistan (UzDaily.com) - Kapitalbank will buy back its shares from shareholders. This was stated in the statement of the bank.

The bank’s shareholders made a relevant decision at an extraordinary meeting on 24 December 2021.

The bank plans to buy back 166.25 million ordinary shares - up to 42% of the authorized capital. They account for 46.72% of voting shares.

Kapitalbank is ready to buy back shares at a price of US$0.30 per share with a par value of 950 soums per share.

Shareholders can apply to buy back shares until 4 January inclusive. On 5 January, the period for the buyback of shares will begin.

The share buyback procedure will last until December 2022. The maximum volume of redemption and resale of each transaction should not exceed 10% of the authorized capital of the bank.

Payment will be made in national currency at the rate of the Central Bank of Uzbekistan on the day of the transaction.

In November 2021, the Russian company Telecominvest, a subsidiary of Alisher Usmanov’s USM Holding Company, acquired shares in Kapitalbank.

Telecominvest acquired 65.97 million shares of the bank, which is 16.7% of the authorized capital of Kapitalbank.