Monday, January 10 2011 11:59
Second tranche of Artsakh HPP shares fully placed
ArmInfo. Registered shares of common stock of Artsakh HPP in the volume of 1.4 bln drams have been fully placed, press service of Armswissbank, a market-maker of the Company's shares, told ArmInfo. Upon the results of placement, the Company managed to attract 1.5 bln drams, that is considered a single instance in the history of Armenia's capital market.
According to the source data, the placement was held in two stages: with enforcement of the preemption right of acquisition of shares by the Company's acting shareholders and through public offering. Within the frames of the first tranche, the acting 50 shareholders of Artsakh HPP acquired 103146 shares in the volume of 114.5 mln drams. The rest 1,296,854 shares of the company were placed through public offering.
To note, the prospectus for issue of the second tranche of shares of Artsakh HPP OJSC was registered by Central Bank on November 2, 2010.
To recall, the process of public offering (IPO) of the shares of first tranche of Artsakh HPP OJSC was held from March 10 to May 27, 2009. Total of 861652 ordinary shares in the volume of 904.634.600 drams were placed within the frames of the first tranche. 3285715 shares with nominal value of 1050 drams each were subject to placement. The Company's shares are quoted in the exchange list under ANEK exchange abbreviation.
Net profit of Artsakh HPP OJSC upon the results of the first quarter 2010 made up 240 mln drams (38% of the company's net profit for 2009). Electric power generation volume over Jan-Apr 2010, as compared to the similar period of 2009, grew by 88% to 58 mln kWh. "These indicators testify that the strategy, developed by Artsakh HPP OJSC and the NKR government, has been justified and gives its first results", the Company Director General Vahram Beglaryan said at the annual general meeting of Artsakh HPP OJSC.
ArmInfo REFERENCE: Artsakh HPP OJSC, being one of the leading companies in the NKR power industry, meets 40-60% of the republic's energy demand. The company will direct the funds, received from placement of these shares, to construction of three hydropower plants, one of which will be commissioned till late 2010, and construction of another two HPPs will be complete in 2011.
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