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Armenian Armeconombank To Pay 250 Drams Worth Dividends Per Share Fo

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  • Armenian Armeconombank To Pay 250 Drams Worth Dividends Per Share Fo

    ARMENIAN ARMECONOMBANK TO PAY 250 DRAMS WORTH DIVIDENDS PER SHARE FOR 2008

    ARKA
    June 15, 2009

    YEREVAN, June 15. /ARKA/. Armenia's Armeconombank will pay 250 drams
    worth dividends per share with a nominal value of 2,500 drams for
    2008, compared to 300 drams for 2007, said Anahit Simonyan, member
    of the bank's Board.

    Last year, the bank set a dividend yield of 10% annual interest rate,
    with shareholders to receive dividend payments from July 12, 2009.

    Though the bank had to cut dividends due to the global financial
    crisis and global tailspin in stock markets, it s a good performance
    amid the recession, Simonyan said.

    Armeconombank is the only local bank with a B level on the Armenian
    stock exchange. "Despite the global financial and economic crisis,
    the bank posted an ongoing rise in market shares last year," Simonyan
    added.

    She cited Armeconombank's 22mln drams worth share purchase transactions
    effected on the Armenian Stock Exchange last year, with the average
    market price per share amounting to 13,800 drams - a 6.5pct excess
    of the nominal value per share.

    Registered on August 26, 1991, Armeconombank's major shareholders are
    the European Bank for Reconstruction and Development (25% + 1 share)
    and SIL Trust (53.4%).

    Last year, the bank's total capital rose 2.6% to 8bln 364mln drams,
    with its net profit reaching 517.8mln drams. The bank has 46 branches
    in Armenia and K arabakh ($1-370.17 drams).

    From: Emil Lazarian | Ararat NewsPress
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