‘INGO-ARMENIA’ INCREASES CAPITAL

ArmInfo
2008-07-15 16:04:00

The authorized capital of ‘INGO-Armenia’ insurance company in 2Q,
2008, grew from 596.6 mln drams to 750.9 mln drams, Company Director
Levon Altunyan told ArmInfo. He said that capitalization was carried
out at the cost of the profit in 2007. Moreover, he said, the process
of capitalization will be continued till late, 2009, including at the
cost of the profit in 2008 and 2009. L. Altunyan also said that direct
increase of the capital through direct investment of the Company’s
shareholders is not ruled out in case of increase of standards by
the Central Bank.

To note, the total capital of "INGO-Armenia" insurance company at
late 1Q, 2008, made up 900.7 mln drams, 66,2% of which fell on the
authorized capital. The company’s net profit over the indicated period
made up 80.3 mln drams.