FX-guidance Blog Forecasts The Warsaw Stock Exchange bought a controlling stake in the Armenian stock exchange
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The Warsaw Stock Exchange bought a controlling stake in the Armenian stock exchange

MOSCOW, June 28 – PRIME. The agreement on the sale of 65.03% of the shares of the Armenian Stock Exchange (AFB) to the Warsaw Stock Exchange (WSE) was signed on Tuesday in Yerevan, the press service of the Armenian Central Bank reported.

Deputy Head of the Ministry of Economic Development and the President of Abkhazia discussed investment issues

It is noted that the document was signed by the head of the Central Bank of Armenia Martin Galstyan and the chairman of the board of the board of the WSE Marek Dietl.

“The Warsaw Stock Exchange will acquire 65.03% of the shares of the Armenian Stock Exchange (967 shares). The Central Bank of Armenia will have 25.02% of the shares, the remaining 9.95% will be the own shares of the Armenian Stock Exchange,” the message received by RIA Novosti says.

It is noted that the cost of the transaction will be about 873 million drams (2.137 million dollars at the current exchange rate), part of which, about 499 million drams (1.221 million dollars) will be paid after the signing of the share purchase agreement, and the rest after the completion of the processes provided for by the said contract.

During the signing ceremony, Dietl stated that the Warsaw Stock Exchange sees the investment as a long-term and strategic partnership. “Our goal is to jointly develop the Armenian capital market and our business in the region. We also count on the development of the capital market infrastructure, which will allow enterprises to attract sustainable and affordable capital, and the society to manage savings and investments more professionally,” said the head of the WSE.

The Chairman of the Central Bank of Armenia stated that the Armenian Stock Exchange, using the experience and knowledge of the WSE, has the opportunity to become a powerful stock market capable of withstanding the challenges of the 21st century,

The Warsaw Stock Exchange expressed its desire to acquire the Armenian Exchange in 2020. In May 2022, the Central Bank of Armenia agreed to the deal, after which studies were carried out and a development plan for the next five years was developed. The development program developed by the Warsaw Stock Exchange provides for a number of measures to develop the infrastructure of the capital market, including the trading system, the expansion of exchange services of the Central Securities Depository, and the introduction of the latest technological solutions.

The Armenian Stock Exchange is the only operator of the regulated securities market in Armenia, which organizes trading in both securities and other financial instruments. AFB is a 100% shareholder of the Central Depository of Armenia. The Central Bank of Armenia owned 90.05% of the shares of the exchange, 9.95% – the exchange itself.

Source: 1prime

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