Warsaw bourse to acquire Armenia Securities Exchange

The management and supervisory boards of the Warsaw Stock Exchange (GPW) have approved the acquisition of the Armenia Securities Exchange (AMX), the Polish bourse announced on Thursday.

According to the its current report, the Warsaw Stock Exchange has agreed to acquire 65.03 percent of shares in the Armenian bourse. The value of the transaction was PLN 8.4 million (EUR 1.8 million).

The seller is the Central Bank of Armenia (CBoA), which currently has a 90.05-percent holding in the share capital of AMX.

According to GPW, once the transaction is completed, AMX will have a 9.95-percent share in the company's share capital, CBoA will have 25.02 percent and the Warsaw Stock Exchange will have 65.03 percent.

GPW signed an agreement with CBoA, in September 2020, to negotiate a purchase of a majority stake in AMX. The Warsaw Stock Exchange announced, at that time, that it intended to actively participate in management and development initiatives of the stock exchange in Armenia.

"We want to show that we are in a position to support capital markets at the unclassified, or frontiers, stage," said GPW CEO Marek Dietl. "We want to demonstrate that we can create added value… We hope that this will open up opportunities for further acquisitions in less developed markets."