Ukrgasbank will increase its authorized capital by 33%

Ukrgasbank JSB, OJSC, will increase its authorized capital by 33.3% up to UAH 400 million by means of additional issue of shares, as reported by the Bank’s press service.

The decision on the additional issue of common registered shares with the nominal value of UAH 1 in the total amount of UAH 100 million was taken by the Bank’s shareholders at the meeting held on December 26.

The Bank expects to launch public share offerings in February 2007.

As it was already reported, on September 6, 2006, the Bank’s shareholders approved final subscription to the shares of the eleventh issue, based on the results of which the Bank’s authorized capital grew up by 50%, or by UAH 100 million to UAH 300 million.

Ukrgasbank was founded in 1993.

Based on the Bank’s statements, its total assets in January to September 2006 went up by 42.3% to UAH 3.396 billion, its equity going up by 20.99% to UAH 262.541 million. For nine months of 2006, the Bank’s net profits made up UAH 18.237 million, amounting to UAH 6.211 million in the same period of 2005.

Based on the estimates of the National Bank of Ukraine, by October 2006, the Bank was the 17th largest bank in terms of its total assets out of 166 Ukrainian banks.