Armenian regulator approves sale of national power distribution company
01.10.2015,
13:12
Armenia’s Public Services Regulatory Commission (PSRC) has approved today the sale of the national power distribution network to Cyprus-registered Liormand Holdings Limited.
YEREVAN, October 1. / ARKA /. Armenia’s Public Services Regulatory Commission (PSRC) has approved today the sale of the national power distribution network to Cyprus-registered Liormand Holdings Limited. Seda Shahinyan, head of a PSRC unit in charge of legal and licensing issues, said the deal had already been approved by the Armenian government.
The announcement comes two weeks after Russian energy holding Inter RAO, the previous owner of the power distribution company, asked the government in Yerevan to allow the facility’s sale to the Cyprus-registered company.
According to Seda Shahinyan, the Armenian government has decided that the companies involved in the transaction must sign relevant agreements under which the new owner of the Electricity Networks of Armenia (ENA) will undertake the obligations of the previous owner in full.
She added that the regulator has the right to revoke its today’s decision if one of the government’s demands concerning the fulfillment of the obligations by the new owner of the facility is breached.
A PSRC member Samvel Arabajyan told reporters that the buyer assumes the same obligations that were stipulated in the agreement on the sale of the facility to Russian Inter RAO energy holding in 2006.
Arabajyan said there is a fourth participant of the deal- the Cascade Power Grids with an extensive experience of working in energy sector, which guarantees the fulfillment of obligations by Liormand Holdings Limited by its assets and property. He said a corresponding agreement will be signed between the government of Armenia and the guarantor company.
Cascade Power Grids is part of Tashir group of companies owned by Russian-based billionaire of Armenian origin Samvel Karapetyan. On September 30 Inter RAO and Tashir said in a statement they signed an agreement on the sale and purchase of ENA.
Tashir Group consists of about 200 companies, including 30 shopping malls and two dozen office buildings and hotels across Russia. With total assets estimated by the “Forbes” magazine at $4.5 billion, Samvel Karapetyan is one of the world’s richest ethnic Armenians.
The ENA is said to have more than $220 million in outstanding debts to Armenian power generating plants and commercial banks. It was sold to Russian Inter RAO in 2006 at $73 million by Midland Resources, a British-registered company.-0-
The announcement comes two weeks after Russian energy holding Inter RAO, the previous owner of the power distribution company, asked the government in Yerevan to allow the facility’s sale to the Cyprus-registered company.
According to Seda Shahinyan, the Armenian government has decided that the companies involved in the transaction must sign relevant agreements under which the new owner of the Electricity Networks of Armenia (ENA) will undertake the obligations of the previous owner in full.
She added that the regulator has the right to revoke its today’s decision if one of the government’s demands concerning the fulfillment of the obligations by the new owner of the facility is breached.
A PSRC member Samvel Arabajyan told reporters that the buyer assumes the same obligations that were stipulated in the agreement on the sale of the facility to Russian Inter RAO energy holding in 2006.
Arabajyan said there is a fourth participant of the deal- the Cascade Power Grids with an extensive experience of working in energy sector, which guarantees the fulfillment of obligations by Liormand Holdings Limited by its assets and property. He said a corresponding agreement will be signed between the government of Armenia and the guarantor company.
Cascade Power Grids is part of Tashir group of companies owned by Russian-based billionaire of Armenian origin Samvel Karapetyan. On September 30 Inter RAO and Tashir said in a statement they signed an agreement on the sale and purchase of ENA.
Tashir Group consists of about 200 companies, including 30 shopping malls and two dozen office buildings and hotels across Russia. With total assets estimated by the “Forbes” magazine at $4.5 billion, Samvel Karapetyan is one of the world’s richest ethnic Armenians.
The ENA is said to have more than $220 million in outstanding debts to Armenian power generating plants and commercial banks. It was sold to Russian Inter RAO in 2006 at $73 million by Midland Resources, a British-registered company.-0-
