An annual meeting of shareholders of the Open Joint-Stock Company (OJSC) NBO Roghun took place at the National Library of Tajikistan on June 30.
According to information posted on NBO Roghun’s website, ten issues have been tabled to the meeting’s agenda.
The meeting participants, in particular, discussed the issue of withdrawing one of NBO Roghun's affiliates – JSC Main Construction – from its structure.
They also discussed issues related to raising the company’s authorized capital, which now amounts to 27.760 billion somoni, with 97.1 percent of shares (more than 26.9 billion somoni) belonging to the government and 2.9 percent of shares (799,900 somoni) belonging to legal and physical entities.
Besides, the shareholders discussed a number of other issues, including introduction of amendments to the company’s bylaw, election of new members of the Supervisory Board, etc.
Tajikistan founded OJSC NBO Roghun with an authorized capital of 116 million somoni for completing the construction of the Roghun HPP in April 2008 after it formally revoked a contract with Russia's RusAl aluminum company for the construction of the Roghun HPP in August 2007. The Tajik government accused the Russian company of failing to fulfill the contract signed in 2004. Tajik authorities and RusAl became bogged down in the hydroelectric plant’s dam model and height, crucial factors in its capacity.
To raise funds to complete construction of the Roghun HPP the government started to sell shares in Roghun to people on January 6, 2010. Tajikistan has reportedly issued 6 billion somoni worth of 5 million Roghun shares.
They have reportedly sold little more than 1.8 million shares, while the remaining more than 3 million shares are kept at local banks.
2.2 billion U.S. dollars are reportedly needed for completion of the construction of the Roghun hydroelectric power plant.
Recall, deputies of the Majlisi Namoyandagon (Tajikistan’s lower house of parliament) on January 16 this year voted for enhancement of amendments proposed by the government to the country’s law on privatization of state-owned properties that will allow foreign investors to buy shares in the Roghun hydroelectric plant, an ongoing project upon which the government has pinned the nation’s future.
Meanwhile, the government intends to continue financing of completion of the construction of the Roghun hydroelectric power plant (HPP) despite a crisis.
In 2020-2022, 1.1 billion U.S. dollars are expected to be invested in completion of the construction of the Roghun HPP.
OJSC NBO Roghun reportedly now owes more than 1 billion somoni to domestic and foreign contracting companies as well as suppliers of goods and services.
