The Kyrgyz state mining company Kyrgyzaltyn, which holds most of the country’s mineral deposits, has doubled its authorized capital by converting owed dividends into equity.
According to local media reports citing the Kyrgyz Stock Exchange, Kyrgyzaltyn increased its authorized capital by 5.2 billion soms ($59.6 million) through dividends that were due to the State Agency for State Property Management and the Ministry of Finance.
As a result, the company’s authorized capital now stands at 9.5 billion soms ($109 million). The company has issued 52,000 shares with a nominal value of 100 soms ($1.2) each, to be allocated among employees of the Ministry of Finance and the State Property Fund.
“The shares will be issued in book-entry form and will be paid for from dividends payable on the state-owned stake, as well as the balance from previous issues,” Kyrgyzaltyn said in a statement.
The deadline for placing the shares is December 31, 2025.
This marks Kyrgyzaltyn’s second capital increase this year. In April 2025, the company issued 768,000 ordinary shares, raising its authorized capital by 77 million soms ($883,000) through a full primary market placement.
Kyrgyzaltyn also reported record-breaking profits in the first half of 2025. The company posted a net profit of 17 billion soms ($195 million), five times higher than during the same period last year.
“Today, the Kyrgyz Cabinet is the main investor in state-owned companies. The state is constantly recapitalizing these firms to increase their market value and efficiency,” said Medet Nazaraliev, former director of the Kyrgyz Stock Exchange, in an interview with The Times of Central Asia.
According to Nazaraliev, recapitalization enhances operational efficiency, facilitates the adoption of new technologies, and supports the launch of new business processes. “The company’s share capital increases, and the state’s investment sends a positive signal to other investors,” he said.
“Investors observe improving financial stability and growing capital bases. This, combined with visible state support, makes the company an attractive investment,” Nazaraliev added.
He noted that recapitalization could signal the company’s intent to expand or initiate major new projects.
Earlier this year, Kyrgyzaltyn launched pilot production of titanomagnetite near Balykchy in the Issyk-Kul region. The deposit holds an estimated 20 million tons of reserves, with experts valuing the total mineral content at approximately $1 billion.
