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Artsakh HPP To Make First IPO In Armenia

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  • Artsakh HPP To Make First IPO In Armenia

    ARTSAKH HPP TO MAKE FIRST IPO IN ARMENIA

    ARKA
    March 3, 2009

    YEREVAN, March 3. /ARKA/. The Artsakh HPP OJSC will make the first
    initial public offering (IPO) to the amount of 3.45bln AMD in Armenia.

    The Armenbrok OJSC, consultancy and underwriter for the issue,
    reported that Artsakh HPP will issue 3,285,715 shares, the nominal
    value of one share being 1,050 AMD.

    The funds will be directed to the construction of three small
    hydro-power plants in the Nagorno-Karabakh Republic (NKR), on the
    River Tartar. The new HPPs will satisfy 85% of the NKR's energy needs.

    The IPO is part of the reforms being implemented by the NKR Government
    in the energy sector and aimed to ensure the country's energy security
    and independence.

    The issue of shares on the Armenian market is the first, unprecedented
    large-scale public investments program. The program allows residents
    and foreign citizens and organizations to effectively invest spare
    funds and enjoy all the rights and privileges.

    The issue will be floated in conformity with the Armenian
    legislation. The prospectus is to be registered by the Central Bank
    of Armenia (CBA). After the issue has been completed, the company
    will apply to the NASDAQ OMX Armenia for listing of its shares.

    The Artsakh HPP OJSC is one of the leading energy-generating companies
    in the NKR., which currently satisfied 40-6- per cent of the country's
    energy needs. The company generates energy by means=2 0of Sarsang
    Hydro. The designed capacity of the HPP is 5MW, its annual energy
    output being 60-140mln kwh.

    The Armenbrok OJSC is one of the leading specialized investment
    companies on the Armenian capital market. It launched its activities 14
    years ago. The company provides the full range of investment services,
    including the placement of securities and business consultations. The
    company's total capital exceeds 1.1bln AMD.
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