ArmenPress
March 18 2005

AEN DENIES REPORTS ABOUT SALE OF SHARES

YEREVAN, MARCH 18, ARMENPRESS: A spokeswoman for Armenian Electric
Networks (AEN) denied today press reports claiming that Alexei
Schneider, the owner of Midland Group, an offshore British-registered
company, that owns the AEN, wants to sell his shares in it at $100
million.
Schneider acquired his shares at $15 million committing also to
pay $25 million of AEN’s accrued debts.
The spokeswoman, Marina Grigorian, said Midland Group’s owner is
not going to sell his shares in the company and “therefore, there is
no point in talking about the networks’ price.”