ENERGY COMPANY MAY BE FIRST ON ARMENIAN IPO MARKET

ARKA
Feb 27, 2009

YEREVAN, February 27. /ARKA/. An energy company may be the first on
the Armenian initial public offering (IPO) market, Armen Melikyan,
Director General of NASDAQ OMX Armenia, stated at the forum Capital
Markets in Armenia.

"At present we already have information on the companies taking
steps to enter the IPO market. However, both brokers and issuers
themselves are supposed to provide relevant information. We hope that
the information will be made public before the end of this quarter,
and the first IPO will be announced," he said.

Melikyan reported that one organization is now ready for an IPO and
has got its documents registered.

NASDAQ OMX Armenia is now expecting the company’s announcement of
it’s a share issue.

He added that NASDAQ OMX Armenia planned work at IPO as far back as
last year, but the financial crisis delayed this process.

He reported that the issuers have concerns and fears. As a result
the expected amount of issue has been reduced.

"We want the Armenian public to make investments in the capital market.

However, in talking about IPO we always mean foreign investments. The
crisis will cause reduction in investments. I think that IPOs from
$5mln are realistic now," Melikyan said.