ARMENFILM PUT UP FOR OPEN SALE AT INITIAL PRICE OF $620,000

YEREVAN, JULY 15. ARMINFO. The Hamo Beknazaryan Armenfilm company
has been put up for open sale at the initial price of 266.968 mln AM
($620,000), reports the press service of Armenia’s State Property
Department.

On sale are the company’s assets and facilities 24,200 sq m with 32.69
h land to be leased to the owner for 50 years. The fixed assets of
the company are estimated at 244.413 mln AMD ($568,000). The owner
will have to invest 30 bln AMD ($70 mln) in 10 years in technical
modernization, production, archive preservation and digitization.

In the first post-privatization year the owner will have to keep 300
workers paying them 50,000 ($116) at least. He will be allowed to
use the company’s logo for 50 years. The company will have to shoot
4 feature, 3 animation and 5 short films a year.

The bids have been received since June 9 to be promulgated Aug 9.