ARMENIAN IMEX GROUP TO ISSUE 1 BLN DRAMS WORTH CORPORATE BONDS

ARKA
Sep 25, 2008

YEREVAN, September 25. /ARKA/. Armenia’s IMEX Group Ltd plans to issue
on October 13-15 coupon bonds worth 1bln drams. The nominal price of
the 24-month bonds is 10,000 drams with 11.5% annual yield.

The income from the issue will help the company expand business and
increase circulating assets, said Norayr Khachatryan, president of
IMEX Group.

"We plan to attract enterprises and financial organizations, as they
can get major benefits from investments in our company," he added.

Ameriabank is the underwriter of the issue.

"The advantage of the bonds is that they have a put option, allowing
redemption a year after the issue," said Arak Anesyan, president
of Ameriabank.

The Central Bank of Armenia licensed IMEX Group’s issue on September 1.

The deadline for the public subscription is October 10.

IMEX Group is the official representative of 75 European companies in
Armenia. It represents such companies as the Ideal System, Keramika,
Thermotech, BAXI, Ermenegildo Zegna and Emporio Armani.

The company’s sales proceeds totaled 8.3bln last year. Its net
profit amounted to 1bln drams with 22.5% earnings yield. IMEX Group’s
2004-2007 investments were worth 800mln drams.

The Ameriabank CJSC (former Armimpexbank) was established in 1992 as
the Armenian branch of the USSR Vnesheconombank.

Last August the TDA Holding Limited, affiliate of the Russian Troika
Dialog, became the bank’s shareholder. The bank was renamed Ameriabank
this May.

According to ARKA, the bank ranks 11th among the 22 local commercial
banks for its first-half assets and liabilities. Ameriabank ranks10th
in local market for total capital and the sixth for authorized capital
stock. ($1 – 304.31 drams)