Artsakh HPP to make first IPO in Armenia

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Economy

03.03.2009, 15:30

The Artsakh HPP OJSC will make the first initial public offering (IPO) to the amount of 3.45bln AMD in Armenia.

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 of 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. P.T. –0--

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