IMEX GROUP’S BONDS WORTH $3.3 MLN PLACED BY AMERIABANK BY 100%
ArmInfo
2008-10-16 16:11:00
ArmInfo. IMEX GROUP’S registered coupon bonds worth $3.3 mln are
placed by AMERIABANK by 100%, Andrey Shinkevich, the director of
the department for investment banking operations, told journalists,
Thursday. He noted that over 40 investors filed applications for
acquisition of bonds. This is a very good indicator for Armenia,
he added. To recall, the value of each bond is 10,000 AMD, and
the maturity period is two years. The coupon rate is set at 11.50%
per annum, payable on quarterly basis. The bonds are placed under a
competitive mechanism for the first time in Armenia’s practice. "I
am sure that this result was predictable with due regard for the big
work done by the underwriter", Tigran Galstyan, the head of the IMEX
GROUP LLC’s presidential administration, noted.
Sergey Shevchenko, the director of the department for trade operations
of AMERIABANK, said that the bonds will be listed at Armenian Exchange
(ArmEx) in five days. Before that time AMERIABANK itself will quote
them. He said that the yield will make up 11.5%, the spread – about
0.5%. According to him, the low spread is conditioned by the aspiration
to remove possible obstacles in circulation of the securities. For
this purpose the holders will be able to conclude REPO agreements
with the bank, the term of the agreements may range from 7 days to
3 months. "The yield will be close to the market level as we are not
going to gain profit from this", Shevchenko stressed.
Speaking of the bond holders, Shevchenko noted that AMERIABANK acquired
15%, the rest 85% were distributed among natural and legal persons
approximately equally. Legal persons are a bit more, nonetheless, it is
hard to specify the percentage as in a number of cases representatives
of companies acquire securities as individuals, he noted.
To note, "IMEX GROUP" LLC is the founder of the retail-chain of
"Ideal System", well known construction materials shop-saloons,
as well as "Thermotech", heating and air conditioning systems
shop-saloons. "Ceramics" elite shop-saloon of interior design materials
also belongs to the "IMEX GROUP". In 2007, the revenue from the sales
of goods, products, works and services totaled more than 8.0 billion
AMD, showing an increase of 166% compared to the figures of Y2004. In
2007, the profit totalled over 1 bln AMD, which is almost four times
as much as in Y2004.
According to AMERIABANK’s report, as of October 1, 2008, the total
capital of the bank was 18, 8 bln AMD, assets – 41.2 bln AMD, general
obligations – 21.7 bln AMD.