THREE PEOPLE CONTENDING FOR ARMENFILM

YEREVAN, APRIL 28. ARMINFO. The owner of the only film studio in
Armenia, Hamo Beknazaryan Armenfilm, will become known in June-July
2005.

Armenfilm Director Gevork Gevorkyan says that contending for the
studio are three people: US businessman, president of Vision Quest
Pictures Khachik Khachikyan, US billionaire Gerard Gafesjyan and
president of World Congress of Armenians Ara Abrahamyan.

Gevorkyan says that Armenfilm has gone through big hardships after the
USSR collapse and now needs big investing to revive.

The talks for the studio privatization have been underway for 2 years
already.

Khachikyan offers $1.5 for the studio with $100 mln further
investing. The key requirement is to preserve the name and the symbol
of the studio. Gevorkyan refutes the reports that a new building will
be constructed for the studio. A modern workshop will be opened after
the studio privatization with the number of the personnel to be
increased from 300 to 2,500-3,000.

Meanwhile member of the Association of Film Critics and Journalists
Mikael Stamboltsyan says that Armenfilm should be privatized only
after the adoption of a law on cinema.

To remind, a few days ago the Armenian Government decide to sell
Armenfilm for the initial price was $600,000. The compulsory
requirement is investing worth $69 mln in 10 years. The money is to be
spent on the studio modernization and film production as well as
preservation of 400 old films through digitization.