17 BIG COMPANIES PRIVATIZED IN ARMENIA LAST YEAR

Noyan Tapan
April 17, 2008

YEREVAN, APRIL 17, NOYAN TAPAN. At the April 17 sitting, the
Armenian government approved the bill on approval of the 2007 annual
report on execution of the 2006-2007 program on privatization of
state property. The deputy head of the RA State Property Management
Department Ashot Markosian said after the sitting that 17 big companies
were privatized last year, 12 of which were sold by direct sale, 3 –
by tender and two companies were auctioned. 151 mln 718.8 thousand
drams (about 489 thousand USD) was transferred to the state budget
from the privatization of 4 small facilities. A total of 18 bln 758
mln drams was received from privatization of state property.

A. Markosian announced that no facility of incompleted construction
included in the privatization program was privatized in 2007. 88
commercial organizations were in the process of liquidation last year:
the liquidation of 9 organizations was completed, while another 9
were recognized as bankrupt based on decisions of the economic court.

The State Property Management Department kept under control the
fulfilment of privatization agreements’ obligations by 79 buyers,
64 of whom fulfilled these obligations: they invested 573 mln 891.8
thousand drams and 3 mln 741.9 thousand dollars and created 3,822 jobs.

According to A. Markosian, it is envisaged privatizing 125 companies
this year.