YEREVAN, June 8. / ARKA /. Armenian Armeconombank has launched a 5 billion drams IPO. The public offering and subscription to ordinary nominal shares of the bank was announced by Armenbrok investment company, chosen by the bank to act as the underwriter of the issue.
Subscription to shares launched on May 29 will run until December 30, 2015. The bank plans to place 416, 670 ordinary shares with the total market value of 5,000,040,000 drams. One share of the bank will be offered to investors at a price of 12,000 drams.
The subscription is open to both Armenian and foreign investors, which should contact the office of Armenbrok.
The placement prospectus, posted on the official website of the bank, was registered by the Central Bank of Armenia on 26 May 2015. According to the prospectus, the proceed will be used to finance SME, to provide consumer loans and invest in government securities.
Armeconombank is the only bank in Armenia, whose shares were listed on B platform at NASDAQ OMX Armenia stock exchange. The bank has already successfully conducted 11 issues of shares.
As of January 1, 2015 Armeconombank had 1,425 shareholders, including the European Bank for Reconstruction and Development (20%).
Armenbrok has been an active player at Armenia’s securities market since 1995. ($ 1 – 476.24 drams). -0-
