ARARATBANK FINISHES PLACEMENT OF FIRST ISSUE OF ITS SHARES
YEREVAN, JANUARY 11, NOYAN TAPAN. Araratbank has completed placement of
the first issue of its shares, which started on December 17, 2007
through a direct sale to the public. The placement is scheduled to
finish on January 21, 2008, NT correspondent was informed by Davit
Harutyunian, director of Araratbank’s dealing center.
According to him, the bank’s ordinary nominal shares of the total
amount of 381.5 mln drams (about 1.25 mln USD) were sold to 83
entities. The nominal value of a share is 5,000 drams, the placement
price made 5,900 drams which is less than the accounting price. The
maximum envisaged amount – 76,300 shares have been placed.
To recap, according to Ararabank’s plans, it was envisaged that the
assets of the bank will amount to 21 bln drams in late 2007, and this
index has already been exceeded. It is envisaged that the bank’s assets
will make 45 bln drams in late 2008 and 65 bln drams in late 2009. It
is envisaged that Araratbank’s overall capital will amount to 5 bln 50
mln drams in late 2007, 6.6 bln drams in late 2008 and 8.6 bln drams in
late 2009. The forecast amount of the bank’s profit is 307 mln drams
for 2007, 672 mln drams for 2008 and 922 mlb drams for 2009. The
average price of a share of Araratbank will make 6,571 drams in 2008
and 6,980 drams in late 2009.
D. Harutyunian said that the process of listing the bank’s shares on
the Armenian Stock Exchange is underway. In his words, the second issue
of the bank’s shares will be done after the regular issue of bonds in
March 2008. Two issues of shares of Araratbank are envisaged this year.