STATE PROPERTY TO BE PRIVATIZED THROUGH STOCK EXCHANGE FOR FIRST TIME IN ARMENIA
NOYAN TAPAN
SEPTEMBER 23, 2009
YEREVAN
YEREVAN, SEPTEMBER 23, NOYAN TAPAN. At the September 23 sitting, the
Armenian government approved the draft decision on the privatization of
state property through the Stock Exchange. Head of the State Property
Management Department Ms. Karine Kirakosian said at a briefing
following the sitting that the draft decision includes 6 companies
selected by the Stock Exchange.
She said that in accordance with the law, a valuation of shares of
the companies will be done, and via the investment service providing
companies to be chosen by the procedure envisaged in the RA Law on
Purchases, these companies will be presented for privatization on
the Stock Exchange.
According to K. Kirakosian, this is the state’s first step in the
direction of using the method of property privatization through the
stock exchange.
The method will enable to involve more people in the process of
privatizing the indicated companies and they can have as many shares
of these companies as they want.
She underlined that the six companies selected are closed joint stock
companies, with the state being 100% owner of their shares. Prior
to being privatized, they must be transformed into open joint stock
companies so that it will be possible to hold a stock flotation.