PSRC head comments on decision to alienate 100% of Electric Networks of Armenia shares
It is up to the owners of Electric Networks of Armenia (ENA) CJSC to decide what to do with their company, Chairman of Public Services Regulatory Commission of Armenia (PSRC) Robert Nazaryan said in an interview with Panorama.am when commenting on the decision of INTER RAO Holding B.V. to alienate 100% of ENA’s shares.
Asked if the decision is correct, Nazaryan replied: “One thing is certain: in the past few years that company carried out ineffective management in Armenia. I think they took that step as they decided that they lack the relevant resources to rectify the situation”.
Speaking about rumors that the company that filed an application for ENA’s purchase is an offshore company, Robert Nazaryan noted he has no information about the company. “We will conduct studies, learn everything, and I think that all details will be provided to the public in the near future,” PSRC chairman said.
R. Nazaryan said the Armenian government will examine the ENA sale contract and announce its position.
According to the commission head, given the geopolitical situation in Armenia, ENA Company cannot be sold , for example, to a company with Azerbaijani or Turkish capital. Besides, the law establishes quite serious requirements concerning the privatization process.
As was reported, INTER RAO Holding B.V. Company owning 100% of the shares of Electric Networks of Armenia (ENA) CJSC applied the Armenian government with the intention of alienating its shares to Liormand Holding Limited. The decision was approved at the government session on September 17. The heads of interested departments - Minister of Energy and Natural Resources, Minister of Justice, Minister of Economy and Minister of Finance - were instructed to examine the relevant documents, Liormand Holdings Limited Company’s compliance with the principles of preliminary qualification and participation in tenders to privatize power distribution companies in Armenia, to negotiate and develop a draft agreement, under which the company shall assume all the obligations of the purchaser. Besides, instructions were given to study the agreement on the alienation of shares and submit a conclusion.
Given geopolitical situation in Armenia, ENA Company cannot be sold to a company with Azerbaijani or Turkish capital
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