GPW to Acquire Armenia Securities Exchange

  • May 25, 2022
GPW to Acquire Armenia Securities Exchange

  • The CEOs of the Warsaw Stock Exchange (GPW) and the Armenia Securities Exchange (AMX) have signed a memorandum and initialled a Share Purchase Agreement
  • The seller of the 65.03% stake in the Armenia Securities Exchange is the Central Bank of Armenia (CBoA)
  • The ceremony at the World Economic Forum in Davos took place in the presence of the Presidents of Poland and Armenia: Andrzej Duda, President of the Republic of Poland and Vahagn Khachaturyan, President of Armenia
  • The GPW Management Board and the GPW Supervisory Board approved the acquisition of shares in AMX on 19 May

On 24 May 2022, during the World Economic Forum in Davos, Marek Dietl, CEO of the Warsaw Stock Exchange (GPW), and Hayk Yeganyan, CEO of the Armenia Securities Exchange (AMX), signed a memorandum and initialled a Share Purchase Agreement setting out the terms of GPW’s acquisition of a majority stake representing 65.03% of shares in AMX. The seller of the stake is the Central Bank of Armenia (CBoA), which currently holds 90.05% of the share capital of the Yerevan-based stock exchange. The agreement was initialled in the presence of Andrzej Duda, President of the Republic of Poland, and Vahagn Khachaturyan, President of the Republic of Armenia.

“We are not only taking over 65 percent of the shares but above all we are taking responsibility for the Armenian capital market. Our main goal is to transfer the experience of the 30 years of the Polish capital market to Armenia and, more broadly, to the South Caucasus as Armenia plays an extremely important role in the midst of capital flows in the region: for example, the seat of the Federation of Euro-Asian Stock Exchanges is in Yerevan,”

said Marek Dietl, President of the Management Board of GPW.

“I am very happy that the agreement has been signed and the cooperation will now unfold. These are the first tangible effects of what is happening here in Davos and the way that Poland is promoted here,”

said Andrzej Duda, President of the Republic of Poland, during the press briefing on the second day of the World Economic Forum in Davos.

As a result of the transaction, GPW will become the majority shareholder of AMX with a block of 967 shares, representing a 65.03% stake in the company’s share capital. CBoA will hold 372 shares representing a 25.02% stake in the company’s share capital. The remaining 9.95% i.e. 148 shares are AMX’s treasury shares.

On 18 September 2020, the GPW Management Board signed an agreement with the Central Bank of Armenia (CBoA) to negotiate the acquisition of a majority stake representing 65% of the shares in the Armenia Securities Exchange (AMX). On 19 May 2022, the GPW Management Board and the GPW Supervisory Board approved the acquisition of a 65.03% stake in the Armenia Securities Exchange.