Thursday, December 8 2011 18:52

Shen Concern redeems fourth issue of its corporate bonds worth 600mln AMD


ArmInfo. Shen Concern, a big construction materials producer, redeemed on Wednesday the fourth issue of its corporate bonds worth 600mln AMD.

Director General of Capital Asset Management (the company's market marker) Tigran Karapetyan has told ArmInfo that the bonds were issued in late 2008. Their yield was 11%, circulation period – three years.

In early Dec 2010 Shen Concern issued the fifth tranche worth 500mln AMD, with a yield of 12.5%, and in Nov 2010 an additional tranche through an open subscription, with the receipts to be spent on the construction of new processing workshops and the modernization of the dry mix workshops.

In early 2011 Shen Concern bought the Hansman panel plant but not only hushed up the deal but even refused to comment on it.

The company entered the corporate bond market in 2006 with a 40mln AMD issue. The fifth and sixth issues are being currently circulated on NASDAQ OMX Armenia.

Shen Concern was set up in 1995 and produces and sales construction materials. The EBRD withdrew from its capital in 2009 following the end of the contract.
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