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Inter RAO UES

December 17, 2008

Electric Networks of Armenia and HSBC Bank Armenia sign long-term loan agreement

Yerevan, 17 December 2008. CJSC Electric Networks of Armenia and HSBC Bank Armenia have entered into an agreement for a long-term loan of $5mln to be provided to finance ENA’s current investment programme, as well as to refinance the short-term loans used to meet the company's investment costs incurred in 2006-2007. The loan matures in 6 years.

CJSC Electric Networks of Armenia is a subsidiary of Russia's energy holding company OJSC INTER RAO UES.

ENA owns and manages Armenia's national grid of 220 to 110,000 V besides being an exclusive supplier of electricity to all Armenian customers. The company owns 323 substations of 35 and 110 kV, has 838 thou. customers, and is the nation's No. 1 in terms of sales and jobs. The Company's 2007 sales totalled $237mln, investments $35mln. According to the company's estimates, the 2008 sales will total $275mln, with investments to reach $38mln.

HSBC Bank Armenia, an HSBC subsidiary, was the first international bank to open in Armenia as early as 1996. The Bank offers a variety of services to persons and entities in Armenia and elsewhere. It has 44 ATMs and 10 bank branches in Yerevan. As of 1st November, the Bank has 4.331 corporate and 62.579 private customers and assets worth 118.416.959 thousand drams, or $387.7mln.

 

 

 

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