Yerevan /Mediamax/. Annual return on capital invested in “Artsakh HPP” OJSC shares is expected at the level of 14%, chief analyst of “Armenbrok” Company Samvel Sahakyan stated today.

Mediamax reports that, speaking at a news conference today, General Director of “Armenbrok” Aram Kayfajyan named among the main factors of investment attractiveness of “Artsakh HPP” OJSC shares absence of the global crisis influence on the hydroelectric power plant, “the entire production of which is sold right after generation”.

“Armenbrok” is the consultant and the underwriter of the first IPO in Armenia.

Aram Kayfajyan marked the high professional level of “Artsakh HPP” OJSC leadership and the intention of the issuer to pay dividends starting from 2010 at the volume of 10% from the cost of the shares. He reminded that after conclusion of the placement (before April 10, 2009), an application will be submitted to undergo listing of “Artsakh HPP” OJSC on “NASDAQ OMX Armenia” stock exchange. Aram Kayfajyan also noted that as of March 9, company’s shares at the sum of 150mln AMD were already acquired by about 200 investors.

“This is the first case in Armenia when the state does not take the path of privatization of one of the best and functioning businesses, but applies a mechanism, making that business public”, General Director of “NASDAQ OMX Armenia” Armen Melikyan stated.

Representative of Armenian CB Karen Hakobyan noted the support of CB for the first IPO in Armenia, stating high responsibility, which the issuer takes upon itself, that is to secure full disclosure of information.

Gains of “Artsakh HPP” OJSC in 2008 made 386mln 409 thousand AMD, having increased as compared to 2007 by 349mln 420 thousand AMD. The operating income of the company in 2008 increased as compared to 2007 for 71mln 963 thousand AMD, making 75mln 428 thousand AMD.

“Artsakh HPP” OJSC is the only producer of electricity in the territory of NKR, securing 40-60% of the republic’s demand for electricity.

The means, collected as a result of share placement, will be used to construct three new HPPs on Tartar River, which will secure 85% of NKR demand for electricity.

Previously in an interview to Mediamax, Aram Kayfajyan informed that following the results of the IPO, the Nagorno-Karabakh Republic (NKR) government will own 60-65% of “Artsakh HPP” shares, however in future the company will organize a new placement of shares.

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

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