YEREVAN, July 3. / ARKA /. Armeconombank said today it has placed 1,100,016,000 drams worth ordinary (common) shares of the 12th issue to public subscription.

According to a bank press release, it has placed 22% or 91,668 shares of the total 416,670 ordinary shares, ‘which were acquired by many investors.’

On May 29 Armeconombank said it had selected Armenbrok investment company as its underwriter to handle the entire process of public subscription, which is to run until 30 December 2015. The bank hopes to place all 416, 670 ordinary shares with the total market value of 5,000,040,000 drams as one share is priced 12,000 drams.

Armeconombank was the first Armenian state-owned banks that was restructured into a joint stock bank in 1991. It is the sole bank in Armenia, whose shares are listed on B platform at NASDAQ OMX Armenia stock exchange. The bank has conducted a total of 11 issues of shares.

As of January 1, 2015 it had 1,425 shareholders, including the European Bank for Reconstruction and Development that holds 20%. ($ 1 - 473.52 drams). AA -0-