ArmInfo. Within the framework of the World Economic Forum held in Davos, on May 24, CEO of the Warsaw Stock Exchange Marek Dietl and CEO of the Armenian Stock Exchange Hayk Yeganian, in the presence of President of the Republic of Armenia Vahagn Khachaturian and President of the Republic of Poland Andrzej Duda, signed a Letter of intent on the acquisition of 65.03% of the shares of the Armenian Stock Exchange by the Warsaw Stock Exchange, the Central Bank of the Republic of Armenia reports.
According to the source, signing of the master contract will take place in June in Armenia. Let us recall that on its May 24 sitting, the Board of the Central Bank of Armenia gave its consent to the acquisition of the Armenia Securities Exchange by the Warsaw Stock Exchange. As noted in the message of the Central Bank, according to the agreement, theWarsaw Stock Exchange (GPW) will acquire 65.03% of shares of the Armenia Securities Exchange (AMX) (967 shares in total). The Central Bank of Armenia will maintain 25.02% of shares, and the remaining 9.95% are the AMX's own shares. The value of the transaction will be about AMD 873 million, a part of which (about AMD 499 million) will be paid after signing the Share Purchase Agreement, and the rest, after completion of processes established by the Share Purchase Agreement.
Meanwhile, the funds for the modernization of the AMX software were provided by the Eurasian Development Bank (EDB), which at the beginning of 2021 allocated to the Armenia Securities Exchange a grant in the amount of about $260,000, through the Technical Assistance Fund, to finance the bulk of the costs for the modernization and implementation of technical means new trading system.
The message mentions that the GPW announced about its plans to acquire the AMX in September 2020, after which necessary studies were carried out, a development plan for the next five years was developed, and necessary corporate approvals were obtained. It should be noted that according to the RA Statistical Committee, the foreign trade turnover between Armenia and Poland in January-March 2022 increased by 11.6%, amounting to $13.7 million. At the same time, exports increased by 56.1% to $4.9 million, with a decline in imports by 3 .6% to $8.8 million.
The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl The AMX is the only operator in the regulated securities market in Armenia, which organizes trading of both securities and other financial instruments. The AMX is the 100% shareholder of the Central Depository of Armenia. 90.05% of the AMX shares belong to the Central Bank of Armenia, and the remaining 9.95% are the AMX's own shares.
