ArmenPress
June 29 2004
COMMISSION SELECTS TWO BIDS FOR PRIVATIZATION OF ZANGEZOUR SMELTER
YEREVAN, JUNE 29, ARMENPRESS: An inter-agency commission, set up
to handle the privatization of Zangezour smelter, has examined today
privatization bids, received from potential buyers, Armenian trade
and economic development ministry said, adding that two of proposed
bids met all requirements set by the government. The ministry said it
will consider both and has demanded additional information from both
companies to submitted within ten days. Both selected companies say
they are ready to pay $25 million in advance before starting takeover
talks.
Plans for privatization of the plant were announced by the
government last March and were officially presented to over 40
potential buyers at a special conference held in London late March.
The government expects to net at least $450 million in cash and
investment commitments from the sale of Armenia’s largest copper and
molybdenum mines. A prospective buyer will be expected to pay $100
million for the Kajaran plant’s shares and pledge to invest more than
$350 million in modernizing its obsolete technological lines.
From: Emil Lazarian | Ararat NewsPress