Shares of Karabakh Energetic Giant find their First OwnersMarch 10, 2009 - 15:23 AMT PanARMENIAN.Net - "Already 200 people from small and medium-sized businesses have subscribed for IPO "Artsakh Hydro Power Station" for the total amount of 150 m drams as per yesterday's data, said Aram Kaifajyan, Director General of "Armenbrok" OJSC at the press-conference in Yerevan, Tuesday, summing up the results of "Artsakh Hydro Power Station" IPO held until March 10. As Kaifajyan says, in the future they plan to cut the State's shares in the company, as the number of share-holders is essential for IPO realization. The Karabakh company IPO will enable the residents, foreign citizens, and organizations to effectively invest their financial resources and expect dividends. Aram Kayfajyan singled out the basic reasons why obtain the shares: high profitability of both "Artsakh Hydro Power Station" and the energy field where a tariff rise is expected, then the company's top-quality staff, also no shortage of any raw materials necessary for production. As "Armenbrok" OJSC forecasts by 2010 the profitability according to IPO is expected to rise to 10-15% and under the conditions of increasing prices on electric power the profitability will be increasing. It should be mentioned that the total amount of emissions of "Artsakh Hydro Power Station" OJSC shares made 3.45 billion drams (more than $9.5 m). The total amount of shares offered will make 3285715, 1050 drams per share. The free-float for IPO makes 40%, the rest 60% remain as state property. "Armenbrok" company is the consultant and underwriter of the emission. "Artsakh Hydro Power Station" OJSC is one of the leading companies in the energy sector of Nagorno- Karabakh which at present satisfies only 40-60 % of the needs of NKR's electric power system. The means gained through offering will be used for the construction of three small Hydro Power Stations in NKR on the Tartar river. The new Hydro Power Stations will help cover more than 85% of domestic needs in NKR's Energy Sector. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. Armenia says ready to extend nuclear plant’s lifetime by 10 years Armenia has taken necessary measures to extend the lifetime of its nuclear power plant until 2036. Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. |