ENA owners will not agree to a company sale deal with the government due to a significantly reduced price
08.05.2026,
19:02
The owners of Electric Networks of Armenia CJSC will not accept the government's offer to sell the company due to the price, David Ghazinyan, former acting CEO of ENA, told reporters on Friday.
YEREVAN, May 8. /ARKA/. The owners of Electric Networks of Armenia CJSC will not accept the government's offer to sell the company due to the price, David Ghazinyan, former acting CEO of ENA, told reporters on Friday.
Earlier, several media outlets reported a possible valuation of the state acquisition of ENA at approximately $380,000. This information has not been officially confirmed. This figure is significantly lower than the investment volume invested by Tashir Group in the energy company since 2016 – approximately $900 million.
According to Kazinyan, this is yet another manifestation of the state's attitude toward private business.
"(Tashir Group President) Samvel Karapetyan has absolutely no problem protecting his property. We will not accept such an offer. What reasonable or logical person could accept it? On the contrary, whoever is making this proposal should be referred to the appropriate specialist,” Ghazinyan noted.
Earlier, the Administrative Court of Armenia suspended the government's actions to initiate the process of transferring Electric Networks of Armenia CJSC to state ownership until May 25.
On April 9, 2026, Armenian Prime Minister Nikol Pashinyan stated that Electric Networks of Armenia had already been de facto nationalized, and this status would subsequently be formalized legally.
According to Pashinyan, the decision to transfer ENA under state control was made, in particular, taking into account the interests of consumers and the accumulated problems in the company's management.
Since July 18, 2025, Romanos Petrosyan, former Minister of Environment of the Republic of Armenia, former Governor of the Kotayk Province, and former Head of the State Supervision Service, has served as the interim manager of ENA. Petrosyan was appointed as the interim manager of ENA by decision of the Chairman of the Public Services Regulatory Commission of Armenia.
Earlier, several media outlets reported a possible valuation of the state acquisition of ENA at approximately $380,000. This information has not been officially confirmed. This figure is significantly lower than the investment volume invested by Tashir Group in the energy company since 2016 – approximately $900 million.
According to Kazinyan, this is yet another manifestation of the state's attitude toward private business.
"(Tashir Group President) Samvel Karapetyan has absolutely no problem protecting his property. We will not accept such an offer. What reasonable or logical person could accept it? On the contrary, whoever is making this proposal should be referred to the appropriate specialist,” Ghazinyan noted.
Earlier, the Administrative Court of Armenia suspended the government's actions to initiate the process of transferring Electric Networks of Armenia CJSC to state ownership until May 25.
On April 9, 2026, Armenian Prime Minister Nikol Pashinyan stated that Electric Networks of Armenia had already been de facto nationalized, and this status would subsequently be formalized legally.
According to Pashinyan, the decision to transfer ENA under state control was made, in particular, taking into account the interests of consumers and the accumulated problems in the company's management.
Since July 18, 2025, Romanos Petrosyan, former Minister of Environment of the Republic of Armenia, former Governor of the Kotayk Province, and former Head of the State Supervision Service, has served as the interim manager of ENA. Petrosyan was appointed as the interim manager of ENA by decision of the Chairman of the Public Services Regulatory Commission of Armenia.
