The Board of the Warsaw Stock Exchange conditionally approved the acquisition of a 65.03% stake in the Armenian Stock Exchange, Bankier.pl reported.

On May 12, 2022, the Management Board gave conditional consent to the acquisition of a 65.03% stake in the Armenian Stock Exchange.

Seller, i.e. The Central Bank of Armenia (CBA) currently owns 90.05% of AMX's authorized capital. As a result of the transaction, the WSE will acquire 967 ordinary shares of AMX, which will give it a 65.03% stake in the total authorized capital of the acquired company, at a price of 826,297,550.00 drams.

The WSE will become the majority shareholder of AMX.

As a result of the transaction, AMX's ownership structure will be as follows:

- AMX: 148 own shares; 9.95% stake in the authorized capital of the company.

- CBA: 372 shares; 25.02% stake in the authorized capital of the company.

- WSE: 967 shares; Share of 65.03% in the authorized capital of the company.

As a result of the deal, the WSE will indirectly gain control over the Central Securities Depository in Armenia, in which AMX currently owns 100% of the authorized capital.

The total value of the AMX shares acquired by the WSE will be AMD 826,297,550.00 and will be paid in two tranches:

1. The first tranche in the amount of AMD 498,765,150.00, payable after signing the share purchase agreement, obtaining the consent of the Central Bank of Armenia for the purchase of shares and fulfilling other formal conditions required by this agreement.

2. the second, in the amount of 327,532,400.00 drams, payable subject to the completion of all proceedings to which AMX is a party and which were specified in the Share Purchase Agreement in the manner specified therein.

The difference in the price of AMX shares in relation to the price set by the parties in the Terms and Conditions Agreement concluded with the Central Bank of Armenia on September 18, 2020 is due, in particular, to the change in the book value of the company that occurred in the period after signing.

The WSE's acquisition of AMX shares will depend, in part, on obtaining the necessary corporate approvals. The Board of the WSE asked the Supervisory Board of the WSE for consent to the acquisition of AMX shares.