At the suggestion of the Supervisory Board, an authorized capital of Open Joint-Stock Company (OJSC) NBO Roghun has increased nearly 15 percent or 4.5 billion somonis (equivalent to some 398 million U.S. dollars) reaching 36.06 billion somonis (equivalent to some 3.2 billion U.S. dollars), according to the OJSC NBO Roghun management.
45 million additional ordinary shares are placed in the authorized capital of the Company. The face value of one share is 100 somonis.
It is to be noted that OJSC NBO Roghun authorized capital is reviewed annually during an annual meeting of shareholders.
According to data from the OJSC NBO Roghun management, 34.3 billion somonis were allocated for completion of the construction of the Roghun hydroelectric power plant (HPP) from 2008 to the beginning of 2021.
Last year, 3.2 billion somonis were allocated for construction of the Roghun HPP. This year, the country’s budget has reportedly earmarked 2.1 billion somonis for construction of the Roghun hydropower plant.
Recall, Tajikistan founded OJSC NBO Roghun with an authorized capital of 116 million somonis 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 somonis 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.
Deputies of the Majlisi Namoyandagon (Tajikistan’s lower house of parliament) on January 16 last 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.
