Wednesday, 21 November 2007
The Government of the Republic Armenia and the OMX, a leading company in the stock market industry, signed a stock purchase agreement in connection with the acquisition of Armenia
's Stock Exchange and Central Depository. On behalf of the Government of Armenia, the document was signed by RA Prime Minister Serzh Sargsyan and on the part of the OMX - Executive Director Magnus Bjoker. The document was signed through the use of on-line technologies over a TV bridge. The signing ceremony was attended by the RA Ministers of Finance and Economy, Trade and Economic Development, as well as by the Chairman of the Central Bank of Armenia.According to the signed agreement, the OMX will get a 100 % stake in the Stock Exchange and Central Depository of Armenia. The shares will be transferred to the Company on January 3, 2008. The act of acquisition has been carried out in accordance with the schedule specified in the Letter of Intent as signed between the two sides on April 28, 2007.
In addition to the buy-out agreement, the RA Government and the OMX have signed a cooperation arrangement on joint efforts to be exercised toward the long-term development of Armenia
's capital market."I welcome the entry of the OMX into the Armenian market. This is not a mere business for us: a company with long operational experience, good traditions and reputation is getting involved in Armenia, supposed to help us improve the domestic capital market. The government of Armenia deems that the promotion of the capital market is a key to successful economic development and, in fact, we are prepared to work with the OMX towards the achievement of our shared goals. I am confident that on the one hand we have acquired a very good business partner and, on the other hand, you have contracted a reliable partner and a prospective market-place. Allow me to extend my felicitations and express the hope that our cooperation will be extremely successful," - Prime Minister of the Republic Armenia Serzh Sargsyan said in his remarks.
"These agreements grew out from a year-long close cooperation between the OMX and the Central Bank of Armenia. The entry of the OMX into the Armenian market will stimulate the development of domestic securities market and will provide Armenian enterprises with more ample opportunities for the attraction of resources coming from internal and external investors," - Central Bank Chairman Tigran Sargsyan added.
"We are honored as we have been offered the opportunity of promoting the development of the capital market in Armenia. Armenia
's fast economic growth, as well as the close ties of cooperation established between the OMX, on the one hand, and the Government and the Central Bank of Armenia, on the other, instill confidence in the long-term growth of Armenia's market," - OMX Executive Director Magnus Bjoker stated.In conclusion, RA Prime Minister Serzh Sargsyan invited the Executive Director and the representatives of the OMX in attendance of the ceremony to visit Armenia. The Prime Minister
's invitation was accepted with pleasure.
