INVESTORS REDEEM BONDS OF IMEX GROUP COMPANY AHEAD-OF-SCHEDULE
ArmInfo
2009-10-19 18:03:00
ArmInfo. The ahead-of-schedule redemption of IMEX GROUP corporate
bonds worth 890.5 mln AMD, which makes up almost 90% of the total
volume of issue, has recently taken place. Assistant to IMEX GROUP
President David Babayan told ArmInfo correspondent that the buy-back
of IMEX GROUP bonds a year after their placement was envisaged the
issue prospectus of these bonds. The big volume of applications
for ahead-of-schedule redemption is apparently conditioned by the
maintenance of devaluation expectations of the bond holders. Babayan
added that the redemption of the big volume of bonds had no impact
on the stable development of the company.
According to NASDAQ OMX Armenia, after ahead-of-schedule redemption of
the lion’s share of the company’s corporate bonds, the volume still in
circulation (109.5 mln AMD) was insufficient for their circulation at
Bbond. In this connection, the circulation of IMEX GROUP as Bbond was
suspended. Afterwards, the company’s bonds were qualified as eligible
for circulation as Cbond in the free market.
According to the requirements of NASDAQ OMX Armenia listing, the
volume of bonds is to be no less than 250 mln AMD for being listed at
Bbond. Otherwise, the bonds are only eligible for circulation at the
free trading floor as Cbond. IMEX GROUP reports that the nominal value
of the bonds, placed Oct 13 2008, is 10,000 AMD per bond, the total
amount – 1mln AMD (100,000 bonds), the circulation period – 24 months,
the yield – 11.5%. The coupon payments are made on a quarterly basis.
The next payment is scheduled for Jan 13 2010. The repayment deadline
is Oct 13 2010. The under-writer and market-maker of the bonds is
Ameriabank.
NASDAQ OMX Armenia reports that the total amount of transactions
carried out with IMEX GROUP’s bonds from Oct 27 2008 till Oct 16 2009
is 1.6 bln AMD. 129 transactions were carried out during the period.
The average yield was 11,7687%.
IMEX GROUP is one of the biggest importers of construction materials,
heating systems and domestic appliances in Armenia. The company owns
30 Ideal, Ceramica, Thermotech shops in Yerevan, Gyumri, Vanadzor,
Artashat and other cities of Armenia.