Yerevan /Mediamax/. Factual subscription to purchase shares of the first IPO in Armenia launched today.

Director of “Armenbrok” Investment Company Aram Kayfajyan said this in an interview to Mediamax today. The Company is the consultant and the underwriter of “Artsakh Hydroelectric Power Plant” OJSC issue.

“Right now, presentation of “Artsakh HPP” issue is in process in Stepanakert, and the volume of collected investments as of now makes a few million AMD”, Aram Kayfajyan stated.

He expressed opinion that the placement will be successful, noting that the global financial-economic crisis does not much influence hydropower engineering and investments into the given sphere become more prospective.

“Following the results of the IPO, 60-65% of “Artsakh HPP” shares will remain in the property of the Nagorno-Karabakh Republic (NKR) government, however, in future the Company will realize a new placement of shares”, Aram Kayfajyan stated.

“Artsakh” OJSC is one of the leading energy companies in NKR, securing 40-60% of demand for electricity in the republic. The means, collected as a result of share placement, will be directed to construction of three new hydroelectric power plants on Tartar River, which will provide for 85% of NKR demand for electricity.

The total volume of the issue makes 3bln 450mln 750 AMD. The number of placed ordinary nominal shares makes 3 285 715, the price of 1 share placement makes 1050 AMD.

The prospect of the issue was registered by the Central Bank (CB) of Armenia, and after the conclusion of the placement, an application will be submitted for listing of “Artsakh HPP” shares on “NASDAQ OMX Armenia” Stock Exchange. Subscription to purchase shares will last till April 10, 2009.

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