DUSHANBE, July 6, 2103, Asia-Plus — A new stock exchange was registered with the Tax Committee under the Government of Tajikistan last month.
“It is still premature to speak about the beginning of functioning of the new stock exchange. Preparatory works are under way; as far as the old stock exchange is concerned, its operating license expired in February this year and the license term will not be extended,” an official source at the Equity Market Development Agency under the Ministry of Finance told Asia-Plus in an interview.
According to him, an intention to set up a new efficient stock exchange has arisen long ago. “These plans have become more topical especially after establishment of Open Joint-Stock Company (OJSC) NBO Roghun for completion of the construction of the Roghun hydroelectric power plant (HPP),” the source added.
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 Roghun shares.
To-date, they have reportedly sold little more than 1.8 million shares, while the remaining more than 3 million shares are kept in local banks.
We will recall that Tajik Finance Minister Safarali Najmiddinov noted in April 2010 that it will soon be possible to buy and sell shares in the Roghun hydropower plant on the open market. Jamshed Shermatov, an official with the Finance Ministry, added that the buying and selling of Roghun shares will be done through registered market brokers.
The International Monetary Fund (IMF) noted in 2010 that the $184 million already raised from the sale of shares is enough to finance two years of construction, and said the government should suspend its campaign to sell shares.
