Yerevan /Mediamax/. “Artsakh Hydroelectric Power Plant” LLC is realizing the first Initial Public Offering (IPO) in Armenia.

As Mediamax was told “Armenbrok” Investment Company, which is the consultant and the underwriter of the issue, the total volume of the issue will make 3 450 000 750 AMD. The number of shares placed makes 3 285 715, placement price for one share makes 1050 AMD.

“Armenbrok” noted that the prospect of the issue was registered by the Central Bank (CB) of Armenia, and after the conclusion of the placement, an application for “Artsakh HPP” OJSC shares’ placement on “NASDAQ OMX Armenia” Stock Exchange will be submitted.

Subscription for purchasing the company’s shares was launched on January 10 and will continue will April 10, 2009.

“Artsakh HPP” OJSC is one of the leading energy companies of the Nagorno-Karabakh Republic (NKR), providing for 40-60% of the republic’s demand for electricity.

The company produces electricity by means of Sarsang hydroelectric power plant, which is located in the reservoir of the same name, and annually produces 90-140mln kilowatt energy per hour.

The means, collected as a result of the placement, will be used for construction of three new hydroelectric power plants on Tartar River, which will secure 85% of NKR demand for electricity.

The given IPO is a part of NKR government’s reforms in energy sphere, directed to providing for energy independence and security of NKR. At present, 100% shares of the company belong to NKR government.

The prospect of the issue is available at the websites of “Artsakh HPP” (www.artsakhhpp.com) and “Armenbrok” (www.armenbrok.com).