State Mortgage Company to Increase Capital to 55 Billion Soms
Kyrgyzstan to Increase Authorized Capital of State Mortgage Company
The Ministry of Finance in Kyrgyzstan has announced plans to increase the authorized capital of the State Mortgage Company to 55 billion soms. This allocation will take place from 2025 to 2027, as outlined in the draft republican budget for the upcoming year.
Since April 1, 2024, the Department of Presidential Affairs has held full ownership of the State Mortgage Company, with at least 100 percent of the authorized capital under its control. This shift in ownership came after the Housing and Savings Credit People’s Housing Company OJSC, which previously held 99.99 percent of the authorized capital, voluntarily ceased its activities by the end of 2023.
In a decision made in July, shareholders of the State Mortgage Company approved an increase in the company’s authorized capital. This involved issuing 192 additional common shares with a par value of 100,000 soms each, with the State Property Management Agency acquiring these shares for capital increase purposes.
At present, the authorized capital stands at 26.3 billion soms as of August 2024. Following the planned increase, it is expected to surpass 55 billion soms. This move signals a significant financial expansion for the State Mortgage Company, providing potential for further growth and development in the housing and mortgage sectors in Kyrgyzstan.
