SAS-Group to issue currency bonds worth $7 million
30.11.2012,
16:51
SAS-Group chain of supermarket said it is going to place $7 million worth nominal coupon currency bonds. It said Ameriabank has agreed to act as the underwriter of bonds.
YEREVAN, November 30. / ARKA /. SAS-Group chain of supermarket said it is going to place $7 million worth nominal coupon currency bonds. It said Ameriabank has agreed to act as the underwriter of bonds.
"From 6th of December to 10th of January 2013 we plan to place 700 thousand bonds with a par value of $10 each at 10.1% annual interest rate and a two-year maturity period. Payments on coupons will be held every six months ", Stepan Sahakyan, SAS CEO, said today.
Sahakyan said the raised funds will be used to expand the network of supermarkets, but stressed that the company has no plans to open supermarkets in the provinces.
Ameriabank investments director Arno Movsisyan said the face value of the bonds makes them accessible to individuals. Movsisyan also stressed that Ameriabank is the strategic partner of SAS-Group and may consult it on the IPO.
‘SAS-Group is making still the first steps which will allow it to introduce the company to investors in the capital market and identify the demand," he said.
SAS-Group, one of the leaders in Armenia’s retail trade, was founded in 1995 by brothers Arman and Artak Sargsyans. It owns seven supermarkets SAS and two salon-shop SAS Home.
The company also signed exclusive franchising contracts with British NEXT, DEBENHAMS and RIVER ISLAND brands, as well as with ALDO. On the 16th of October 2012 the Central Bank of Armenia assigned it the G+ rating.
Ameriabank "is a universal bank providing investment, corporate and retail banking services in an integrated package of banking solutions. -0-
