Tashir confirms purchase of Armenia’s power distribution company
The Russia-based Tashir group of companies, owned by ethnic Armenian businessman Samvel Karapetyan, has confirmed today the acquisition of Armenia’s national power distribution company- Electricity Networks of Armenia (ENA)- from Russian energy holding Inter RAO.
Samvel Karapetyan was quoted as saying in a press release that Tashir assumes the obligation to manage the Electricity Networks of Armenia.
The transaction has already been approved by the Armenian government and it needs also to be approved by the Public Services Regulatory Commission. The parties also agreed that the Electricity Networks of Armenia and Hrazdan thermal power plant will continue to perform their obligations in full.
Tashir 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.
Inter RAO Board president Boris Kovalchuk was quoted as saying that they agreed with Tashir Group to close the deal on terms that reflect the fair value of the assets.
‘This approach will enable both parties to secure maximum economic benefit,” he said. -0-