The EBRD has officially refused to acquire 19.9% shares of “Electric distribution networks of Armenia” close corporation. It was reported in the Yerevan representative office of the European Bank that the EBRD refuses to make investments as its partner – the Midland Resources Holding Ltd British company (the purchaser of 80.1% of the networks shares) is not enough famous company in the world and does not have sufficient experience in management of the distribution networks. It should be reminded that the Armenian government and the British company Midland Resources Holding Ltd. signed the agreement on acquiring of “Armenian electric networks” shares in August 2002. The agreements on direct sale of Armenian distribution networks 19.9% of shares to the European Bank was signed in December 2000. According to the agreement, the EBRD had to acquire 19.9% of shares of the networks after they are sold to the strategic investor, at that, the price of the shares acquired by the bank is equal to the one for which the investor will acquire them.
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