Armenia not to make deal with Itera

RosBusinessConsulting Database
October 14, 2004 Thursday

The Armenian government refused to acquire 10 percent of the shares
in ArmRosGazprom owned by the Russian company Itera because the
deal proposed by Itera was unprofitable, the press secretary of the
Armenian Energy Ministry reported. According to ARMINFO news agency,
she also declared that the Armenian government would not sell its 45
percent of the shares in ArmRosGazprom.

As reported earlier, Itera is holding negotiations on selling a
10-percent stake in Armrosgazprom. According to a source close to
the company, Itera is going to sell it for $30m because the company’s
authorized capital amounted to $280m.