Electric Networks of Armenia plan IPO
16.11.2018,
19:35
Armenia’s national electricity distribution company -Electric Networks of Armenia (ENA) - is planning to carry out an initial public offering (IPO) on an international stock exchange, Karen Harutyunyan, the company's CEO, said on Friday during a meeting with the acting Minister of Energy Infrastructures and Natural Resources Garegin Baghramyan.
YEREVAN, November 16. /ARKA/. Armenia’s national electricity distribution company -Electric Networks of Armenia (ENA) - is planning to carry out an initial public offering (IPO) on an international stock exchange, Karen Harutyunyan, the company's CEO, said on Friday during a meeting with the acting Minister of Energy Infrastructures and Natural Resources Garegin Baghramyan.
According to the ministry, the IPO is meant as a new financial instrument. Harutyunyan also highlighted several legislative omissions, because of which local businesses cannot use innovative financial instruments offered by international donor organizations.
The meeting was also attended by representatives of the Asian Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation. The parties discussed, among other things, re-equipment and modernization programs of ENA funded by these organizations.
They also discussed future investment programs that will contribute to the development of electrical networks.
In September 2015, the Tashir group of companies (headed by a Russian businessman of Armenian origin Samvel Karapetyan) acquired two Armenian energy assets from the Russian energy holding Inter RAO UES – the Electric Networks of Armenia and the Hrazdan Thermal Power Plant. -0-
According to the ministry, the IPO is meant as a new financial instrument. Harutyunyan also highlighted several legislative omissions, because of which local businesses cannot use innovative financial instruments offered by international donor organizations.
The meeting was also attended by representatives of the Asian Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation. The parties discussed, among other things, re-equipment and modernization programs of ENA funded by these organizations.
They also discussed future investment programs that will contribute to the development of electrical networks.
In September 2015, the Tashir group of companies (headed by a Russian businessman of Armenian origin Samvel Karapetyan) acquired two Armenian energy assets from the Russian energy holding Inter RAO UES – the Electric Networks of Armenia and the Hrazdan Thermal Power Plant. -0-
