Shareholders in PZU Ukraine insurance company (Kyiv) at a general meeting on November 11, 2015 decided to increase the company's charter capital by 80.74% via an additional issue of 1.45 million shares worth UAH 14.496 million.

The company said that the face value of each share is UAH 10.

The placement value equals to their market value: UAH 137.39 per share. The market value was defined by the appraiser - Vedanta-Expert consulting firm - as of October 6, 2015 and was approved by the supervisory board of the company.

The insurer said that the placement of new shares could result in an increase in the stakes of the shareholders: Powszechny Zaklad Ubezpieczen S.A. - 89.9678% of the charter capital (1.615 million shares) and PZU Ukraine Life Insurance (Kyiv) - 10.0297% of the charter capital (180,038 shares).

The company said that 30% of the funds from the placement of new shares will be used to increase the charter capital to develop the insurance product sales chain. The remaining 70% will be used to improve, develop and design new IT technologies aimed at increasing labor and operation efficiency. Read the full story PZU-UKRAINE plans to boost charter capital by 80.74%