Wednesday, October 5 2011 18:00
Prime Minister of Armenia: GDP growth rates of Karabakh should always exceed the average growth rates of Armenian economy
ArmInfo. The GDP growth rates of Karabakh should always exceed the average growth rates of Armenian economy, Armenian Prime Minister Tigran Sargsyan said at today's event dedicated to the emission of Artsakh Hydropower Plant's new shares. The premier said that the development of the NKR is a priority for the Armenian Government. "It is our strategy, our political position", said Sargsyan.
The premier said that electric power generation is of great significance for Armenia; it is getting even more important, as it enhances the level of independence and reliability of the Nagorno-Karabakh Republic.
"All these qualities enhance the investment attractiveness of the given project", Sargsyan said and added that he is a shareholder of Artsakh HPP OJSC and is very pleased with the company's management.
When speaking of energy as a renewable resource, Tigran Sargsyan stressed that on the one hand this resource has a high level of reliability, on the other hand - it brings income to investors. In this context, the premier thinks that the attractiveness of the Artsakh HPP project will grow and will increase the number of investors.
The premier qualified the IPO of the Karabakh company as a brave step. "When designing this project in 2007, we took a brave step. Many people did not believe that it was possible to establish an open joint- stock company in Karabakh, to organize public offering of the shares and to attract investors. It is reality today, and there are already one thousand investors who receive dividends", Sargsyan stressed.
To recall, the IPO of the first tranche of Artsakh HPP OJSC's shares took place in spring 2009. Within the frames of the second tranche the company manages to attract about 900 mln AMD.
To recall, the issue prospectus of the second tranche of nominal shares of Artsakh HPP shares was registered by the Central Bank of Armenia on November 2, 2010. 50 shareholders of Artsakh HPP acquired 10,3146 shares worth 114.5 mln AMD. The rest 1,296,854 shares of the company will be placed via open public subscription.
To note, Artsakh HPP OJSC is one of the leading NKR companies in the sphere of energy. It satisfies over 60% of energy demand of Karabakh. The company directed the funds received from placement of these shares to construction of four hydropower plants. One of them was launched in 2010. Construction of the other three HPPs is not completed yet.
According to the company, over the first half of 2011, the profit of Artsakh HPP amounted to 221.172 mln AMD. The authorized capital of the company consists of 7,362,074 nominal shares. The company's shares are listed B under the stock exchange abbreviation AHEK.