ARARATBANK’S BONDS SOLD ON SECONDARY MARKET

Noyan Tapan
Jun 26 2007

YEREVAN, JUNE 26, NOYAN TAPAN. 44 economic entities, including 33
natural persons, participated in the placement of Araratbank CJSC’s
10 thousand bonds of the total value of 250 mln drams (about 714
thousand USD) in May 2007. The sale of bonds has started on the
secondary market – the Armenian Exchange Stock and outside it. The
Chairman of Araratbank’s board Ashot Osipian stated this at the June
26 press conference.

Reminding that they intend to make Araratbank an open joint stock
company, A. Osipian noted that work is now being done to determine
the type of shares to be issued by the bank, their nominal value,
placement terms and forms.

In response to NT correspondent’s question, A. Osipian said that he
is not in favor of the idea of having an institutional shareholder,
although many offers have been received. "It is important to have a
lot of small shareholders," he underlined. In his words, they are
taking steps to change Araratbank’s regulations and introduce the
institution of protecting the interests of small shareholders.

According to A. Osipian, the bank’s assets currently amount to 14
billion drams, its capital makes 4.4 billion drams.