ONE COMPANY BIDS FOR ZANGEZOUR PLANT

ArmenPress
June 9 2004

YEREVAN, JUNE 9, ARMENPRESS: Trade and development minister Karen
Chshmaritian told a news conference on Tuesday that only one German
company has made a bid for participation in a tender for privatization
of Zangezour metallurgical plant in southern Armenia.

The deadline for filing bids is June 26. Chshmaritian said the shares
of the plant are estimated $130 million. The minister said the plant
works with profits, which last year amounted to $20 million.