Parking City Service ready to sell its shares

YEREVAN, June 20. / ARKA /. City Parking Service, a company selected by the Yerevan municipality to run a new parking system introduced in Armenia’s capital city last September, said today it was ready to sell its shares in the company for an amount equivalent to investments it made so far.  

The paid parking system mainly covers the downtown streets.

In a statement the company’s head Vazgen Harutyunyan said the decision to sell the shares is prompted by critical media reports, ‘which are inconsistent with the truth.” 

He said nothing about the amount of the company’s investment. According to some reports, the company gets as much as 70 percent of parking fees collected electronically, while the remaining 30% go to the municipality.

Earlier the company had  pledged to invest $10 million in preparing paid parking spaces for 20,000 cars. It has installed surveillance cameras  used for charging drivers 100 drams (25 U.S. cents) per hour, 500 drams per day, 1000 drams per week, 2000 drams per month and 12,000 drams per year. -0-

19:39 20.06.2014

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