ARTSAKH HYDROPOWER PLANT’S SHARES PROMISE HIGH DIVIDENDS TO THEIR HOLDERS

ArmInfo
30.04.2010

ArmInfo. Over Q1 2010 the net profit of the Artsakh hydropower plant
(HPP) amounted to 240 mln AMD (38% of the company’s net profit for
2009). Over Jan-Apr 2010 the electric power output grew by 88% to
58 mln KW as compared with Jan-Apr 2009. "These indices demonstrate
that the strategy worked out by Artsakh HPP OJSC and Government of
Nagorno-Karabakh is justified and gives its first results",- said
Director General of Artsakh HPP Vahram Beglaryan at the annual assembly
of the company’s shareholders, the press-service of ArmSwissBank,
the market-maker of the company’s shares, told ArmInfo.

To note, on April 27 2010 the first general annual assembly of Artsakh
HPP shareholders after IPO. According to the source, the agenda of
the assembly included 12 issues: election of members of the Board of
Directors, election of the control commission, approval of the annual
reporting for 2009, the balances, profit distribution, decision making
on payment of dividends in 2009 and approval of their amount, approval
of the dividend policy of Artsakh HPP, and other issues. Within the
next 5 days the counting board will sum up the results of voting and
publish them on the company’s official website within the next 15 days.

To recall, the shares of Artsakh HPP entered NASDAQ OMX armenia on
29 October 2009. A total of 5962074 shares with the nominal value
of 1000 AMD each are listed B under the stock exchange abbreviation
AHEK. To note, Artsakh HPP OJSC is one of the leading NKR companies in
the sphere of energy. It satisfies 40-60% of energy demand of Karabakh.

The company will direct the funds received from placement of these
shares to construction of three hydropower plants. One of them will
be launched before the end of 2010. Construction of the other two
HPPs will be completed in 2011.

From: Emil Lazarian | Ararat NewsPress