The meeting of shareholders of PJSC Ukrainian Joint-Stock Insurance Company ASKA-Life (Kyiv) on February 5 will consider increasing the authorized capital by 2.56 times, up to UAH 49.625 million, by holding an additional issue of UAH 30.240 million.
According to the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the issue will be carried out by increasing the nominal value of shares by allocating part of the retained earnings for 2014-2019 to the authorized capital.
As reported, in January-September 2023, the company collected net and gross insurance premiums in the amount of UAH 117.5 million, which is 49% less than in the same period in 2022.
In the first nine months of 2023, the company paid UAH 8.376 million to customers, which is 36% more than in the same period of 2022. The company’s administrative expenses for the reporting period increased by 15.4% to UAH 9.436 million, while sales expenses decreased by 2.2 times to UAH 98.9 million.
The financial loss from operating activities for the first nine months of 2023 decreased to UAH 12.6 million from UAH 15.7 million compared to the same period in 2022.
Net loss amounted to UAH 1,058 million, which is 6.5 times less than in January-September 2022.
ASKA-Life Insurance Company was registered in 2003 and specializes in life insurance.
As reported on the website of the National Securities and Stock Market Commission, as of the second quarter of 2023, 55.6667% of the company belongs to SCM Finance Limited, and 44.3333% to Alexander Sosis.
The PFTS Stock Exchange (Kyiv), the largest stock exchange in Ukraine by trading volume, plans to increase its authorized capital (AC) from UAH 32.01 million to UAH 62.01 million, or 93.7%.
The shareholders will consider the issue at an extraordinary remote shareholders’ meeting on February 6 this year, according to the announcement of the meeting on the exchange’s website.
According to the announcement, the increase in the authorized capital is planned to be made by placing an additional 30 thousand shares with a par value of UAH 1 thousand through additional contributions without a public offering.
The preliminary list of persons among whom the additional shares will be placed is limited to existing shareholders, but the meeting may expand it to include other investors who intend to purchase shares.
The largest shareholder of the PFTS since the beginning of 2022 is Bohai Commodity Exchange (BOCE Co. Limited, Hong Kong) with 49.9% of shares. According to the NSSMC’s disclosure system, there were no other shareholders with a stake of more than 5% at the end of the third quarter of 2023.
At the same time, in mid-October 2023, Prime Holding LLC announced its intention to acquire 2,835 shares of the exchange, which is 8.8566% of its authorized capital.
PFTS did not publish financial statements after 9 months of 2021. According to information from the last annual shareholders’ meeting, the exchange reduced its net loss in 2022 by 8.6% compared to 2021, to UAH 3.641 million.
The volume of trading on the PFTS in 2023, according to the exchange, increased 3.6 times to UAH 320.8 billion, which accounted for 63% of the total trading volume of securities trading organizers in Ukraine, including UAH 28.6 billion in December, or 66% of the total trading volume in the country.
In particular, the volume of trades in government bonds on the PFTS in 2023 increased 3 times to UAH 308.6 billion, corporate bonds of Ukrainian issuers – 20 times to UAH 1 billion (due to the resumption of initial public offerings), bonds of foreign countries – 5 times to UAH 0.7 billion, but transactions in shares were made for only UAH 19.4 million.
In 2023, 15.7% of transactions were made on the order market, 78.7% on the quotation market (including targeted transactions), 5.3% in repo and repo with risk control, and 0.3% in the auction mode.
In December 2023, 39 trading participants on the PFTS concluded transactions with 48 securities issues (Ukrainian government bonds – 33, Ukrainian Eurobonds – 1, corporate bonds of Ukrainian issuers – 7, foreign bonds – 6, shares of Ukrainian issuers – 1), and in total, in 2023, 49 participants concluded transactions with 114 securities issues.
As of January 1, 2024, the number of PFTS members admitted to trading was 51: 30 banks and 21 financial companies. A total of 353 securities issues were admitted to trading on the exchange, of which 119 were in the Exchange Register.
The TOP-5 traders of government bonds on the PFTS in 2023 include state-owned Ukreximbank and PrivatBank, as well as Citibank, OTP Bank and Alliance Bank, while the TOP-5 traders of corporate bonds include TAScombank, Dominant Trade LLC, BTS Broker, Univer Capital and Investment Capital Ukraine.
Ukrainian Exchange JSC (UX, Kyiv), one of the three Ukrainian stock exchanges, may increase its authorized capital by UAH 9.994 million, or almost 20%, to UAH 60 million.
According to the exchange’s announcement in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the issue is to be discussed at an extraordinary remote shareholders’ meeting on January 19 next year.
“To increase the authorized capital by UAH 9,994,000 by placing an additional 9,994 ordinary registered shares of the existing nominal value at the expense of additional contributions without a public offer,” the draft decision states.
According to the NSSMC disclosure system, the exchange’s largest shareholders at the end of the third quarter were Freedom Holding Corp. (USA) – 24.2651%, former Finance Minister of Ukraine Yuriy Kolobov – 8.9989%, Cyprus-based Dragon Capital Investments Limited – 7.4031%, Exchange Chairman Artemiy Yershov – 6.9032%, and Exchange Development Director Oleksiy Sukhorukov – 5.9193%.
UX ended 2022 with a net loss of UAH 4.513 million after a net profit of UAH 9.042 million a year earlier, and its revenue fell 7.4 times to UAH 2.378 million.
On November 30, the shareholders’ meeting of InterExpress Insurance Company (Kyiv) decided to increase its authorized capital from UAH 7.3 million to UAH 32.3 million through an additional issue of UAH 25 million, the company reported in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
According to the report, 2.5 thousand shares with a par value of UAH 10 thousand are planned to be sold during the private placement.
It is also specified that at the time of the decision, the company’s shareholders are Viktor Kushnir – 55.068% of shares, Lyudmila Rud – 9.863%, Valery Andreitsev – 7.671%, Elena Troyan – 9.863%, Victoria Kushnir – 8.904%.
According to the published information, UAH 23 million from the issue will be allocated to deposit accounts, and UAH 2 million will be used to update the website for online sales of insurance products.
As reported, InterExpress Insurance Company was registered in 2004 and specializes in risky types of insurance.
In January-September 2023, the company collected gross insurance premiums in the amount of UAH 41.278 million, which is 18.76% more than in the same period a year earlier. Net premiums collected by the company increased by 26.67% to UAH 37.835 million, and earned premiums increased by 14.09% to UAH 38.475 million.
The volume of claims paid by the insurer increased by 3.42% to UAH 12.894 million, while their level decreased by 4.63 p.p. to 31.24%.
The financial result from operating activities increased to UAH 8.249 million, while net profit increased to UAH 6.947 million.
As of September 30, 2023, the insurer’s assets increased by 9.10% to UAH 52.249 million, equity – by 13.10% to UAH 42.488 million, liabilities decreased by 5.43% to UAH 9.761 million, and cash and cash equivalents – by 12.46% to UAH 5.658 million.
Alliance Bank, which decided on October 9 to refuse an additional share issue to increase its authorized capital by 1.5 times, decided to reconsider this issue at a remote extraordinary shareholders’ meeting on December 21.
According to the issuer’s announcement in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the bank plans to increase its authorized capital from UAH 457.28 million to UAH 691.636 million, while at the end of June this year the bank decided to increase it to UAH 689.367 million.
It is expected that 8.2 million shares with a par value of UAH 28.58 will be placed at the expense of additional contributions.
According to the information, the bank is not going to involve an investment firm to sell them and new investors.
As reported, after the annual decision on the additional issue, which was later canceled in October, Pavlo Shcherban, chairman of the supervisory board of Alliance Bank, who held 3.994938% of the shares at the beginning of the year, received permission from the Antimonopoly Committee of Ukraine on July 13 to increase his share to more than 25%. This would have reduced the share of the majority shareholder, Alexander Sosis, which amounted to 89.289% at the beginning of the year.
Founded in 1992, Alliance Bank expanded its network by two branches to 35 in the second quarter of this year. According to the NBU, it ranked 23rd (UAH 12.86 billion) among 63 Ukrainian banks in terms of total assets as of October 1 this year.
At the beginning of this year, minority stakes in the bank were also held by Marina Getmantseva (1.706025%) and indirectly, through the Avanpost venture capital fund, by Dmitry Melnik (2.938683%) and Vladimir Bychnik (1.196708%).
Lviv Bank plans to increase its authorized capital by UAH 250 million, or 35.3%, to UAH 958 million 405,338 thousand through additional contributions from existing shareholders.
According to the bank’s announcement in the disclosure system of the National Securities and Stock Market Commission (NSSMC), the relevant issue was submitted to an extraordinary remote shareholders’ meeting on December 18.
It is assumed that an additional issue of shares with the existing par value of UAH 0.1 each will be made as part of the authorized capital increase.
According to the National Bank of Ukraine, as of the beginning of September 2023, Lviv Bank ranked 28th in terms of assets (UAH 9.12 billion) among 64 banks operating in the country. The bank’s net profit for 8 months of this year amounted to UAH 121.1 million.
According to the website of Lviv Bank, its shareholders at the beginning of this year were: ResponsAbility Participations (Switzerland) – 48.557189%, Nordic Environment Finance Corporation (NEFCO) – 13.93623% and Icelandic citizen Margeir Petursson – 37.4692%.
The EBRD pointed out in August this year that Bank Lviv, which is owned by European shareholders, is a regional bank focused on SMEs and one of the fastest growing in western Ukraine, with a loan portfolio that grew from $35 million in 2017 to $133 million in the first quarter of 2023. The bank is headquartered in Lviv and has a network of 19 branches, 13 of which are in Lviv region and six in other cities.
