ARMADA listed on MICEX Innovation Index

ARMADA listed on MICEX Innovation Index

The stock of ARMADA OJSC (MICEX, RTS: ARMD) has been listed in the MICEX Innovation Index (MICEX INNOV), launched on the MICEX Stock Exchange yesterday. The weight of ARMADA’s stock in the index is 32.16%, which is the highest possible percentage according to the rules for calculating the index.

MICEX INNOV comprises the stocks of innovative sector companies listed on MICEX. Such companies should have a free float of at least 10% and a market capitalization of no less than RUB 300m. ARMADA’s capitalization exceeds RUB 5.7 bn currently and its free float significantly exceeds the percentage set by the exchange.

MICEX has appointed December 29, 2009 as a starting date for the index. Yesterday’s closing of the index has shown a slight decline of 1% to the starting value, while ARMADA’s stock gained 105% during this period.

“The Index initiation and ARMADA’s listing in it is timely. ARMADA raised shareholder equity on MICEX and RTS – an IPO in 2007 and an SPO in April 2011 to use the proceeds to finance M&A transactions. We are expanding the group’s product line by purchasing controlling stakes in innovating software and IT service companies and jointly offering customers the best solutions in our segment.

This year, we have acquired a very interesting company – a leader in the software development for the healthcare sector, and some more deals are in the offing. With no account of acquisitions, ARMADA’s revenue is expected to grow 25%-30%, plus performance of acquired companies. We expect strong results this year,” Alexey Kuzovkin, chairman of ARMADA’s board of directors, said.

Source: ARMADA
CATEGORY: Outsourcing News

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