The government has extended the term of buyback of shares of the liquidated Open Joint-Stock Company (OJSC) Sangtuda until the end of this year, an official source within Amonatbonk (Tajikistan’s savings bank) told Asia-Plus Friday afternoon.
To-date, the bank has bought back the shares in a total amount of about 2.4 million somonis, the source added.
Recall, the share buyback process began on May 13, 2019 and lasted through December 31, 2021, and it then was extended to the end of 2022. In early last year, the share buyback process was extended to December 31, 2023.
The bank has been buying the shares at par value – 10.00 U.S. dollars. Amonatbonk buys the shares in the national currency, the somoni, at the rate on the day of appeal.
For selling their shares, shareholders may apply to the nearest branch of Amonatbonk.
The State Committee on Investment and State-owned Property Management (GosKomInvest) and Directorate of the Cascade of Hydropower Plants on the Vakhsh River founded the OJSC Sangtuda in 1996 and the first emission of shares for Sangtuda hydropower plant was carried out the same year.
The face value of one share was equal to US$10.00. The shares were distributed among legal and physical entities. Money received from realization of the securities has been deposited on a special bank account in Amonatbonk and has been channeled to implementation of the Tajik-Russian project on construction of the Sangtuda-1 hydropower plant as a contribution of the Tajik government to the project.
Former director general of OJSC Sangtuda Mahmadsaid Shamsulloyev told Asia-Plus on March 6, 2007 that by selling shares they managed to collect US$500,000 that were invested in the construction of the Sangtuda-1 hydropower plant and these funds made a part of Tajikistan’s contribution to the construction of the hydropower plant.
Amonatbonk began buying back shares of the liquidated OJSC Sangtuda from the population and organizations on May 13, 2019
In a report released at a news conference in Dushanbe, the then head of Amonatbonk Sirojiddin Ilromi revealed on July 23, 2019 that Amonatbonk has bought about 11,000 shares of the liquidated OJSC Sangtuda from the population and organizations totaling 1.036 million somoni over the past two months.
According to him, the government has allocated more than 10 million somonis for buying back Sangtuda shares form the population and organizations.
Shareholders were promised dividends after the commissioning of the Sangtuda-1 hydropower plant’s first unit. However, the holders of these securities have never received the promised dividends.
