Finance TCI acquired a controlling stake in “Kapitalbank”

Finance TCI became the majority shareholder in Kapitalbank, acquiring 50% of the shares and bringing its share in the authorized capital to 61.54%. The current owner of the company also owns five enterprises associated with the Uzum group.

Finance TCI has become a majority shareholder in Kapitalbank, Spot reported, citing data from the Unified Corporate Information Portal.

Finance TCI acquired a package of 214.4 million shares of the bank (50% of the authorized capital) at exchange trading on December 28, 2022. The deal amounted to 786.89 billion soums with a share price of 3,670 soums.

At the time of purchase, Finance TCI held 49.4 million securities of “Kapitalbank”. Taking them into account, the company took possession of a share of 61.54% of the shares.

In January 2022, Finance TCI, then affiliated with the structures of Alisher Usmanov’s USM holding, became the owner of an 8.33% stake in the bank. USM’s subsidiary “Telecominvest” became a shareholder of the bank in the fall of 2021, and then expanded its stake.

By the end of January, companies associated with Alisher Usmanov controlled 58.33% of Kapitalbank. The previous majority shareholder, Oybek Tursunov, who became the owner of half of the shares in November 2021, left the number of affiliates.

However, after the start of the war in Ukraine, Alisher Usmanov fell under the sanctions of the European Union, the USA and Great Britain. After that, the USM holding announced the sale of Telecominvest and Finance TCI to a “group of private investors interested in developing the business of “Kapitalbank”.

Now in the USREO, Djuzum SPV is listed as the sole founder of Finance TCI, Spot notes. It is also listed as the owner of Uzum, Uzum Market, Uzum Technologies, IT company One Factor and Fast Delivery Technologies.