Araratbank plans IPO at NASDAQ OMX Armenia in Autumn

19.06.2012 20:22
Araratbank plans IPO at NASDAQ OMX Armenia in Autumn

YEREVAN, June 19. /ARKA/. Armenian Araratbank is planning to conduct an IPO on the NASDAQ OMX Armenia stock exchange in late September or early October of this year, bank’s board chairman, Ashot Osipian, said today at the annual meeting of shareholders.

"This year we are going to conduct an IPO on the local market. Now together with the shareholders we are in the process of preparatory work," he said.

Osipian said the bank plans its first international IPO in 2014 and is negotiating it with exchanges in the Baltic States and Poland. He said the bank has received also a proposal for an alternative IPO in London.

He said the bank has earmarked more than 268.2 million drams from over 2.2 billion dram net profit made in 2011 to pay as dividends Araratbank, previously called Haykap Bank, was founded in 1991 and provides a full range of banking services to corporate, MSME and retail customers. The bank has established a reputation as a small but reliable and dynamically growing financial institution. EBRD holds 25% in Araratbank. The majority stake is held by Barsegh Beglarian, head of the biggest petrol importing company Flash. ($1-415.48 drams). -0-

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