OMX, the leading expert in the exchange industry, and the Government of Armenia have signed a Share Purchase Agreement regarding the acquisition of the Armenian Stock Exchange and the Central Depository of Armenia.
Under the agreement, signed on November 21, OMX buys 100 percent of the shares in the Armenian Stock Exchange (Armex) and the Central Depository of Armenia (CDA). The shares will be transferred to OMX on January 3 2008. The acquisition is carried out in accordance with the plan set out in a Letter of Intent signed by the parties on April 28 2007.
In addition to the Share Purchase Agreement, OMX and the Government of Armenia have also signed a Cooperation Agreement outlining joint efforts to support the long-term development of the capital market in Armenia.
"I am delighted to welcome OMX to the Armenian market. The Government of Armenia considers capital market development a key success factor for the further growth of the economy, and we are truly committed to working with OMX to achieve our ambitious joint goals," says Serzh Sargsyan, Prime Minister of the Republic of Armenia.
"These agreements are the result of a close cooperation between OMX and the Central Bank of Armenia that started more than a year ago. The entry of OMX into the Armenian market will encourage the development of the domestic securities industry and will improve the opportunities for Armenian companies to raise capital from both domestic and international investors," continues Tigran Sargsyan, Governor of the Central Bank of Armenia.
"We are honored to be able to support the development of the capital market in Armenia. The rapid economic growth in Armenia, as well as the good cooperation between OMX and the Government and Central Bank of Armenia, gives us confidence in the long-term growth potential of the Armenian market," says Magnus Böcker, CEO of OMX.