ARMENBROK ANNOUNCES COMPLETION OF FIRST IPO BY ARTSAKH HYDRO POWER
/PanARMENIAN.Net/
27.05.2009 20:58 GMT+04:00
OJSC Armenbrok has announced about completion of the first initial
public offering (IPO) by OJSC Artsakh Hydro Power, press office
of the investment company reports. Reportedly, Artsakh hydro power
issued 861 652 registered shares with total amount of AMD 904 634
600. Currently NASDAQ OMX Armenia started the preparation of papers
and documents necessary for listing of the shares. The nominal value
of one issued share is AMD 1050. The Armenbrok OJSC is a consultant
and underwriter for the issue. Special group has been formed, which
included the Armenbrok investment company. The issue of shares on
the Armenian market is the first, unprecedented large-scale public
investments program. The program allows residents and foreign citizens
and organizations to effectively invest available assets and enjoy all
rights and privileges, press office of Armenbrok reports. Physical
and juridical persons from Armenia, the Nagorno-Karabakh Republic
(NKR), U.S., Switzerland, France, Slovakia, Austria, Russia, Iran,
UAE participated in the Initial Public offering. Such a wide geography
testifies, that world business community is familiar with NKR and
its potential. The funds will be directed to the construction of
three small hydro-powers in NKR, on the River Tartar. The new Hydro
powers will satisfy 85 per cent of the NKR’s energy needs. The
Initial public offering is part of the reforms being implemented
by the NKR Government in the energy industry and aimed at ensuring
country’s energy security and independence. The Artsakh Hydro Power
OJSC is a leading energy-generating enterprise in Nagorno Karabakh,
which currently satisfies 40 to 60 per cent of the country’s electric
energy demand. The company generates energy with the help of Sarsang
Hydro Power, located in Sarsang reservoir. The designed capacity of the
Sarsang Hydro Power is 50MW, its annual energy output being 60-140mln
kwh. The Armenbrok OJSC is a specialized investment company of the
Armenian capital market. It started operating 14 years ago. The company
provides the full range of investment services and consultations,
including placement of securities.