Armenian government allows privatization of Tsaghkadzor Sports Complex

The Armenian government on Thursday allowed the privatization of the Tsaghkadzor Sports Complex that has been leased by the U.S.-registered New Horizon Group Inc. since 2006.

YEREVAN, September 22. /ARKA/. The Armenian government on Thursday allowed the privatization of the Tsaghkadzor Sports Complex that has been leased by the U.S.-registered New Horizon Group Inc. since 2006.

The decision says that in response to the government's proposal, the company expressed willingness to buy all the shares of the sports complex worth 372 million drams. The company also plans to invest 400 million drams more in the development of the sports complex.

The New Horizon Group Inc said it request the government's permission to privatize the complex to avoid a string of problems in running the facility. ($1 - 417.92 drams). --0--