From fashion retail to capital markets: ML Fashion's AMD 500 million bonds listed on AMX
YEREVAN, August 27. /ARKA/. Bonds of ML FASHION LLC, a retail fashion company operating in Armenia, have been listed on the Armenia Securities Exchange.
The traditional "bell ringing" ceremony took place at the exchange, marking the company's entry into the capital markets.
ML FASHION bonds with a total nominal value of 500 million drams will be included in the secondary exchange listing Bbond. The par value of 5,000 bonds is 100,000 drams, the coupon yield is 13%, and the maturity is 36 months. The bonds are also eligible for direct trading and repo transactions.
The placement was arranged by the investment company Cube Invest. The program prospectus for the registered coupon bonds of ML FASHION LLC was registered by the decision of the Chairman of the Central Bank of the Republic of Armenia dated July 8, 2026.
The placement period is from July 29, 2026, to August 20, 2026. Investors can now participate in the company's bond trading by contacting the investment company Cube Invest, starting August 26.
An important step for the economy
"We welcome this step from an overall economic perspective, as we have few fashion companies represented on the capital market. This once again confirms that we shouldn't be afraid to raise funds on the capital market, but rather, we should be bold and courageous, act transparently, as issuers do, including, for example, ML FASHION, and raise funds from the public through bonds and shares," said Hayk Yeganyan, CEO of AMX, in response to a question from ARKA.
He noted the very high interest among Armenian companies in the real sector in raising funds this way, especially after the launch of the state subsidy program for companies that decide to list their securities on AMX. "The program had a direct positive impact on economic growth: companies began attracting funds based on their future business plans, growth, and the trust they had built through their journey, not secured loans, based on the volume of trust they received, not the value of the collateral," he explained.
Speaking about Cube Invest, Yeganyan noted that it is a leading investment company and one of the most important organizers of placements.
"Essentially, no matter what you do, if there is no company providing investment services, the capital market cannot develop. The capital market develops thanks to the activity of companies like Cube Invest," he emphasized.
Bonds as a Tool for Development and Expansion
"This is a new step for the company, essentially a new development path, which gives it the opportunity to utilize instruments offered by the modern capital market, such as bonds," said Yeghishe Danielyan, Chairman of the Board of ML FASHION LLC.
Responding to a question from ARKA, he noted that the funds raised through the bonds will be used to achieve strategic goals: further development of the company, expansion of the existing store network, and the attraction of new brands.
Danielyan also noted that the purpose of raising funds through bonds was specifically to access the capital market.
"In the current reality, we consider it important to raise funds not only directly, for example, through bank loans, but also to be represented in the capital market," he explained, expressing hope that the company's entry into the capital market will not be limited to this and that new investment programs will be available in the future.
He also thanked Cube Invest for the early placement of the bonds, which, according to him, speaks to the high level of investor confidence. Cube Invest on its partnership with a reliable issuer
"For us, this is the beginning of a partnership, since, as experience shows, capital markets don't allow for a one-time participation. It's a fairly long-term and ongoing process," said Mikael Margaryan, CEO of Cube Invest CJSC.
According to him, demand for ML FASHION bonds was strong among both retail and institutional investors.
"I would like to note that recently, as part of the state subsidy program, we have seen quite a lot of activity and a significant influx of issuers into the capital markets, which is highly welcome in any country with a developed or developing financial sector," he said, responding to a question from ARKA news agency.
Speaking about the factors considered when assessing the issuer's reliability, Margaryan said that Cube Invest is conducting a thorough financial analysis to determine whether the company is ready for such a step and whether now is the right time to enter the capital markets and raise funds from the public. "Our analysis shows that the company is in fairly good financial condition and will be able to fulfill its obligations on time, and may even issue new bonds in the future," he emphasized.
About ML FASHION
ML FASHION LLC was founded in 2017 and represents world-renowned fashion brands in Armenia. The company's portfolio includes the Zarina and Punt Roma brands. With a network of 14 stores in Yerevan, Gyumri, Vanadzor, and Echmiadzin, the company continues to develop a modern retail culture in Armenia.
Proceeds from the bond issue will be used, in particular, to import new brands and product ranges, develop the Zarina and Punt Roma brands, and enter the Georgian market.
About Cube Invest
Cube Invest is one of Armenia's leading investment companies, specializing in capital markets, investment portfolios, and bond placements. The company strives to ensure a transparent and controlled investment environment, offering professional advice and reliable solutions to both institutional and private investors.
About the Armenia Securities Exchange
The Armenia Securities Exchange is the sole operator of a regulated securities market operating in the country. AMX offers a full package of exchange services: listing, trading, clearing, and information services, as well as alternative exchange solutions. Final settlements for exchange transactions are performed by the Central Depository of Armenia, of which the Armenia Securities Exchange is a 100% shareholder. AMX's mission is to develop the exchange infrastructure of the capital market, transforming it into an active instrument for financing the development of the Armenian economy.
