Thursday, October 18 2012 17:37
Shen Concern redeems fifth issue of its corporate bonds worth 500mln AMD
ArmInfo. Shen Concern redeemed on Wednesday the fifth issue of its corporate bonds worth 500mln AMD.
The press service of the company reports that the bonds were issued in early Sept 2010. The cost of a bond was 10,000, the yield was 12.5%.
In Nov 2012 Shen Concern issued closed subscription bonds worth 1.5bln. AMD. The bonds are now on NASDAQ OMX Armenia. The revenues are being spent on the construction of new building materials units and modernization of the dry mixture units.
Shen Concern was the first company to issue corporate bonds in Armenia, with the first bonds worth 40mln AMD issued in 2006. The company is now planning to issue foreign exchange bonds.
Shen Concern CJSC was established in 1995 and is engaged in production of paints, lacquers, putties, dry mixtures, tile glues, concrete blocks and pavers. Im 2009 the EBRD stopped being the company's shareholder but now there is preliminary agreement for the bank's return into the company's capital.
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