Turkmenistan’s Rysgal Joint-Stock Commercial Bank has decided to increase its authorized capital to 200 million manats this year.
After completion of the procedure for approving the authorized capital of the bank, in accordance with the Law of Turkmenistan On Joint Stock Companies and the charter of the bank, the new shares will first be offered to the bank’s current shareholders, Rysgal newspaper reported on Monday.
The unallocated shares will be publicly traded at the Ashgabat Stock Exchange CJSC.
The Turkmen financial institution also plans to attract large foreign investments.
Last year, in order to increase its authorized capital to 60 million manats, Rysgal bank carried out its fifth issue of more than 13,000 ordinary shares worth 1.5 thousand manats each. A portion of the shares was distributed among the current shareholders of the bank, and the rest was put up for auction at the Ashgabat Stock Exchange CJSC.
Rysgal bank is the first joint-stock commercial bank in the country, the initial capital of which was created by representatives of the non-state sector of the national economy.