DUSHANBE, February 11, 2014, Asia-Plus — New members of the Supervisory Board of Open Joint-Stock Company (OJSC) NOB Roghun were elected at an extraordinary general meeting of shareholders of OJSC NOB Roghun that took in Dushanbe on February 8.
According to the Sate Committee on Investments and State-owned Property Management (GosKomInvest), Prime Minister Qohir Rasoulzoda, First Deputy Prime Minister Davlatali Saidov, Deputy Prime Minister Azim Ibrohim, Minister of Economic Development and Trade Sharif Rahimzoda, Minister of Justice Rustam Mengliyev, Minister of Energy and Water Resources Usmonali Usmonov, GosKomInvest head Qodir Qosim, Head of the Committee on Construction and Architecture Abduvali Komilov, NBO Roghun Director-General Khairullo Safarov, Somoni Ltd Director General Qurbonali Yusupov, Closed Joint-Stock Company (CJSC) Khujand-Invest-Cotton Muqim Nematov and Director-General of the Research and Development Institute SANIIOSP Jamshed Ahmadov were elected to the NOB Roghun Supervisory Board.
We will recall that the first annual general meeting of OJSC NBO Roghun shareholders was held on May 26, 2011 and its last meeting was held on June 15, 2013.
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.
Tajik Ministry of Finance noted in April 2010 that it will soon be possible to buy and sell shares in the Roghun hydropower plant on the open market.
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.
2.2 billion U.S. dollars are reportedly needed for completion of the construction of the Roghun hydroelectric power plant.
