On 25 February, an extraordinary general meeting of shareholders of State Mortgage Company OJSC (SMC) was held in Bishkek, where it was decided to increase the company's charter capital by 50 billion KGS.

The funds will be used to increase the number of circulating common shares, which will be placed by closed method in favour of the only shareholder - the Presidential Property Management Department. Within the framework of this decision a new issue of 500 thousand common shares with nominal value of 100 thousand soms each will be registered.

Term of shares placement will be 10 months from the moment of issue registration in the authorised state body. Payment will be made in cash in national currency and tangible assets.

Recall that at the end of 2024 their authorised capital was 32 billion 385 million soms, after the increase it will amount to 82 billion 385.2 million soms.

Temirkul Baltabaev, head of GEC, confirmed the information and told ‘Akchbar’ that the money will be used for construction of mortgage houses until 2028-2029.