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Amundi-Acba Asset Management CJSC made a major investment from the assets of the Balanced and Conservative Pension Funds under its management in the equities of Telecom Armenia OJSC by participating in the initial public offering.

The company's investment is 20% of the IPO being distributed, which is equivalent to 1,648 billion AMD.

This is a precedent in nearly ten years of activity carried out by Armenian pension funds, when funds are directly invested in the real sector of the economy by acquiring shares of an Armenian company, Telecom Armenia reports.

"The investment made by Amundi-Acba not only increases the diversification of pension funds’ investments, but also gives the opportunity to beneficiaries of Balanced and Conservative funds to become indirect shareholders of Telecom Armenia OJSC thus benefiting from its growth prospects. With this step, Telecom Armenia OJSC contributes to the development of the capital market in Armenia and can be a good example for other companies”, said Jean Mazedjian, CEO at Amundi-Acba.

Expressing gratitude for Amundi-Acba's investment in the Armenian company, Hayk Yesayan, the General Director of Team Telecom Armenia, stated: "Amundi-Acba's action has transformed approximately 400,000 fund beneficiaries into indirect shareholders of our company." This substantial investment from a prominent international financial entity serves as a testament to our alignment with the technology sector's growth and underscores the compatibility of our long-term strategic objectives. We sincerely appreciate the trust you have towards our team."

The offering will be carried out until 31 October of this year inclusively.

Ameriabank acts as the sole arranger for the offering of Telecom Armenia shares.