If a deal on the transfer of Electric Networks of Armenia (ENA) shares is not reached by May 20, the state will begin the process of declaring it a public priority interest asset, said ENA interim manager Romanos Petrosyan after a session at the Public Services Regulatory Commission, Sputnik Armenia reports.
According to him, a decision by the administrative court is currently in force, obliging the government’s authorized body—the Ministry of Territorial Administration and Infrastructure—to refrain from nationalization steps until May 25, allowing the parties to reach an agreement through negotiations.
“At this stage, efforts are being made through negotiations to ensure that 100% of the company’s shares are transferred to the state by mutual agreement. However, if no result is achieved within this timeframe, the process will enter a compulsory nationalization phase. At the next stage, an independent licensed organization will assess the company’s market value, to which a 15% compensation предусмотренная законом will be added,” he said.
Petrosyan added that the shares would then be transferred to the state, after which the relevant authority would apply to the Public Services Regulatory Commission to obtain a new distribution license. He also stressed that his полномочия will end once the company receives a new license and the process is fully completed.
At the same time, it was reported that Tashir Capital has won a case against the Armenian government in the administrative court.
On July 3, Armenia’s National Assembly adopted in the second reading and in full a package of amendments to the laws “On the Regulatory Authority of Public Services” and “On Energy” by 65 votes in favor, 27 against, and none abstaining, relating to the nationalization of ENA.
On July 18, it became known that the Public Services Regulatory Commission had appointed Romanos Petrosyan as interim manager of Electric Networks of Armenia. At the same time, based on the government’s submission, the commission initiated proceedings against the company.
Samvel Karapetyan acquired ENA in 2016 at the request of the former government and made significant investments in modernizing the company.
