ENA to be handed to Tashir Group in mid-October
09.10.2015,
13:44
Russian energy holding Inter RAO will hand the Electricity Networks of Armenia (ENA) utility to its new owner- the Russia-based Tashir Group- in mid-October, while the acquisition deal could be closed no sooner that next year, according to a source close to the talks on Armenia’s national power distribution company.
YEREVAN, October 9. / ARKA /. Russian energy holding Inter RAO will hand the Electricity Networks of Armenia (ENA) utility to its new owner- the Russia-based Tashir Group- in mid-October, while the acquisition deal could be closed no sooner that next year, according to a source close to the talks on Armenia’s national power distribution company.
"The deal is multi-stage. In principle, it can be closed fast enough, but depending on the buyer it may protract until 2017,’ the source said, adding that the deal will be closed in three phases: in the first stage Tashir Group will acquire 25% of ENA, then another 25% and then 50%.
"Now is the first stage under way when the management of the utility is being handed to the new owner,' it said.
Tashir Group is owned by ethnic Armenian businessman Samvel Karapetyan. It said future plans include implementation of an anti-crisis program to optimize the financial performance of the company and raise control over its financial and economic activity, as well as a gradual modernization of the distribution networks.
Karapetyan said also in order to support the population of Armenia, it was agreed that Tashir and the government of Armenia will be paying in equal parts for one year the difference between the electricity rate that was effective until August 1, 2015 and the increased rate for households and small businesses.
According to Inter RAO Board president Boris Kovalchuk, they agreed with Tashir Group will close the deal on terms that reflect the fair value of the assets.
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 deal is multi-stage. In principle, it can be closed fast enough, but depending on the buyer it may protract until 2017,’ the source said, adding that the deal will be closed in three phases: in the first stage Tashir Group will acquire 25% of ENA, then another 25% and then 50%.
"Now is the first stage under way when the management of the utility is being handed to the new owner,' it said.
Tashir Group is owned by ethnic Armenian businessman Samvel Karapetyan. It said future plans include implementation of an anti-crisis program to optimize the financial performance of the company and raise control over its financial and economic activity, as well as a gradual modernization of the distribution networks.
Karapetyan said also in order to support the population of Armenia, it was agreed that Tashir and the government of Armenia will be paying in equal parts for one year the difference between the electricity rate that was effective until August 1, 2015 and the increased rate for households and small businesses.
According to Inter RAO Board president Boris Kovalchuk, they agreed with Tashir Group will close the deal on terms that reflect the fair value of the assets.
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-
