YEREVAN, August 27. /ARKA/. Artsakh Hydropowerplant OJSC has decided to place 1.4 million additional non-documentary nominative common stocks worth AMD 1.4 billion (about $3.8 million).

According to the information available on the official website of ArmSwissbank, consultant and underwriter of the issue, this decision was made at Artsakh Hydropowerplant directorial board’s meeting on August 20.

The board also approved rules implying placement of non-documentary common nominative stocks by using shareholders’ preferential right for acquiring stocks.

Artsakh Hydropowerplant came up with its first initial public offering (IPO) in early 2009.

As a result, the company’s 862,074 shares were purchased by 1,111 local and overseas investors.

The company invests the money received from placement in construction of three hydro power plants.

Nagorno-Karabakh Republic Prime Minister Ara Harutyunyan said earlier in an interview with ARKA News Agency that the additional stocks worth $3 to 5 million will be issued in September or October 2010.

He said the money from the placement would be spent for construction of small hydro power plants.

Today demand for electric power in Karabakh is 240 million kilowatt/hour.

The Karabakhi premier said in his interview that the first IPO gave investments of $3 to the company.

In April, shareholders met and decided to pay dividends of 10%.

Artsakh Hydropowerplant OJSC was established on November 1, 2007.

The company’s key focus is to generate electric power by using Sarsang Hydro Power Plant.

The generated power is sold to Artsakhenergo CJSC, the only operator at Karabakh’s electric energy market, at fixed prices.

The plant’s authorized capacity is 50 megawatt, and its potential capacity is 60 to 140 million kilowatt/hour a year.

ArmSwissBank was registered on November 22, 2004 with 100% Swiss capital.

The bank received its final banking activity license on February 25, 2005.

Armswissbank has been a member of the stock exchange since September 14, 2007 and, apart from HSBCB1, is also the market maker for corporate bonds issued by “ArmRusGasprom” cjsc (HRGAB2), which is currently the only security on NASDAQ OMX Armenia Abond list, “Valletta” LLC (VALTB2 and VALTB3), and “Armenian Copper Programme” cjsc (ARCPB1) – all three on the exchange’s Bbond list.

On October 2008, the bank became the official market maker of the third issue of the bonds of Valletta LLC, Armenian company.

The status of market maker on two issues of Valletta LLC (VALTB1, VALTB2) was terminated on June 29, 2009 at the bank’s request. ($1= AMD 367.04). -0-