Artsakh HPP to make second IPO in autumn

25.05.2010 20:44
Artsakh HPP to make second IPO in autumn

YEREVAN, May 25, /ARKA/. Nagorno-Karabakh prime minister Ara Harutyunian told in an interview with ARKA that Artsakh Hydropower Plant (HPP) open joint stock company will make the second IPO in the amount of $3-5 million in September and October this year. He said the proceeds will be used to build small hydropower plants

“We have a big potential here to produce hydro power. Actually we can produce much more than we need for our domestic needs,’ he said. According to official figures, the domestic demand for electrical power in Nagorno-Karabakh is 240 million KWh.

Artsakh Hydropower plant open joint stock company earned 240 million Drams in net profit in the first quarter of 2010, deciding in April to pay dividends in the amount of 10%, which are expected to grow to 15, 17, 18,%. According to the prime minister, investors are satisfied.

The company made its first IPO in early 2009 selling 862,074 shares to over 1000 local and foreign investors. The proceeds are directed to constriction of small hydropower plants. The Artsakh HPP company was founded in 2007 by the government. It runs the Sarang hydropower plant selling the produced power to Artsakhenergo company, the only power operator in Nagorno-Karabakh.-0-

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