DUSHANBE, November 1, 2011, Asia-Plus — To-date, Roghun’s temporarily surplus funds deposited at Tajik banks have given 19.2 million in dividends, according to the Ministry of Finance (MoF).
The source at a MoF says the issue of distribution of dividends among shareholders of open joint-stock company (OJSC) NBO Roghun will be considered at a general meeting of shareholders. According to him, 895 million somoni have been earned from the sale of Roghun shares to this day, which is 65 million somoni more than at the beginning of 2011.
The government reportedly assumes the 75% ownership interest (4.5 billion somoni) in NBO Roghun and these funds will gradually go to financing Roghun’s construction.
Five commercial banks were selected in August 2010 for placement of temporarily surplus funds raised from the sale of shares in OJSC NBO Roghun — Agroinvestbonk, Tojik Sodirot Bonk (TSB), Bonki Rushdi Tojikiston (Tajikistan Development Bank or TDB), Tajprombank, and Fononbank. 118.2 million somoni were placed at Agroinvestbonk, 20.3 million somoni at TSB, 2.8 million somoni at TDB, 11.1 million somoni at Tajprombank, and 5 million somoni at Fononbank.
Interest rate on these deposit accounts is floating. The interest rate includes refinancing rate plus one percent; today it is 9%+1%=10%.
The money return period expired on August 16 this year and commercial banks keeping Roghun’s temporarily surplus funds have asked to extend the money return period for one more year, but the supervisory board has agreed to extend it only for six months, until February 2012.
Another 80 million somoni have been placed this year at three banks. 30 million somoni were placed at Agroinvestbonk, 30 million somoni at Tojik Sodirot Bonk and 20 million at Amonatbonk (Tajikistan’s savings bank).
We will recall that to raise funds to complete construction of the Roghun hydroelectric power plant (HPP) the government started to sell shares in Roghun to people on January 6, 2010. Tajikistan has reportedly issued 6 billion somoni (US$1.37 billion) worth of Roghun shares.
To-date, 2.5 billion somoni have been allocated from the national budget for construction of Roghun hydroelectric power plant (HPP) and 850 million somoni are expected to be allocated fro the Roghun hydroelectricity projects from the national budget in 2012.
