GOVERNMENT OF ARMENIA IS READY TO SIGN AN AGREEMENT WITH THE EUROPEAN BANK ON PRIVATIZATION OF 20 % OF SHARES OF THE DISTRIBUTIVE POWER NETWORKS OF ARMENIA

22.11.2000, MEDIAMAX, YEREVAN. The government of Armenia approved at today’s special meeting the agreement between the European Bank of Reconstruction and Development and the government of Armenia on direct sale of up to 20 % of shares of the four distributive power networks of the country.
As was reported to Mediamax in the press service of the government, the cabinet of ministers authorized the ministers of justice, energy, economy and finance to sign this agreement on behalf of the government of Armenia.
The Armenian government proposes the following privatization scheme: 51 % of shares will get the strategic investor, 20 % – the European Bank of Reconstruction and Development, 20 % will remain state property, 5 % will be sold at the stock exchange and 4 % will be distributed among the networks staff.
The winner of the tender for privatization of 4 distributive power networks of Armenia will be announced by February 28, 2001, while the process will end in March 2001.
4 companies are pretending to the privatization of the 4 distributive power networks of Armenia: the Spanish “Union Fenosa”, the American “AES Silk Road”, Swiss-Swedish “ABB” and the French “Electricite de France”. -0-