OREANDA-NEWS. On 07 April 2009 was announced, that according to the company management, Oranta < SORN UZ N/R > intends to increase its charter fund 4.4 times to UAH 775mn. With this aim the company will issue 102.6mn of ordinary registered shares at par of UAH 5.85. The decision is to be taken at the company's EGM expected on 17 April 2009.

Millennium Capital sees the news to be POSITIVE for SORN, since, related to the company’s Gross Premium Written (GPW) drop by around 20%, y/y in 2M2009 and the decrease in bank assurance share from 30% to 10% in 2009E these funds will be directed on both maintenance of its operational activity and claims repayment. Namely, the company will need to cover the difference between the premiums earned, decreased by the reserve deduction, and both claim payments and the operational expenses, estimated at around UAH 300mn in 2009E.

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