YEREVAN, October 5. /ARKA/. Artsakh HEK CJSC said Wednesday it intended to issue inscribed stocks worth AMD 3.67 billion soon.

 

Each stock costs AMD 1,110 drams. The stocks will be distributed to the company’s shareholders who enjoy the prior right for buying them. The stocks remaining after this distribution will be placed via free subscription over a period between October 4 and 24.

 

“We are convinced that the placement will be unprecedented,” Nagorno-Karabakh Republic Prime Minister Ara Harutyunyan said Wednesday at the presentation of this issue. “The placement is expected to exceed $10 million.”

 

Artsakh HEK conducted its first public offering worth AMD 800 million in 2009, and the second worth AMD 1.4 billion in 2010. Both issues were fully placed.

 

Harutyunyan told journalists that the money from this issue would be targeted for construction of five small hydro power plants.

 

“Construction of Trghe-1 is already completed, Trghe-2 is expected to start operating later this month, Matagis-1 and Matagis-2 are planned to be launched in the first quarter of 2012 and construction of Trghe-3 will be launched later this year and completed in late 2012,” he said.

 

The premier said that these small hydro power plants would generate more than 100 million kilowatt/hour electric power every year. This output, together with Sarsang unit’s 130 million kilowatt/hour, will ensure annual output of 230 million kilowatt/hour to Artsakh HEK.

 

Harutyunyan also said that construction of Syunik-1 and Syunik-2 hydro power plants is almost completed in Nagorno Karabakh, and construction of Syunik-3 will be launched. Their aggregate output is estimated to exceed 300 million kilowatt/hour.

 

“This will exceed domestic demand for electric power in Artsakh (Nagorno Karabakh),” the prime minister said. “Excessive electric power will be sold to Armenia’s power-distributing networks in accordance with appropriate arrangement.”

 

Harutyunyan said that hundreds of new jobs were created during construction, and more than 100 people will be employed for working at these small hydro power plants.

 

Armenian Prime Minister Tigran Sargsyan, who spoke at the presentation as well, said that Artsakh HEK’s activity is transparent. This transparency, he said, was based on a realistic estimation of the republic’s energy resources.

 

“This is an important resource, which has never been used before,” he said. “This resource will be highly reliable within a few years and will have reliable income-providing instruments.”

 

Sargsyan added that this project’s attractiveness as well as the number of investors would grow from year to year.

 

There are some 1,000 investors who are happy about this project – they are receiving their dividends throughout two years.

 

Artsakh HPP is the largest company in the Nagorno-Karabakh Republic. It generates and sells electricity catering for nearly 50% of the republic’s needs.

 

The company operates Sarsang and Trghe-1 hydraulic plants.

 

The company’s stocks are listed at NASDAQ OMX Armenia Stock Exchange. Armswithbank is the main underwriter bank.

 

ArmSwissBank was registered on November 22, 2004 with 100% Swiss capital.  The bank received its final banking activity license on February 25, 2005. ArmSwissbank is fully owned by Vartan Sirmakes. -0--