Yerevan. (Interfax) – Midland Resources Holding Ltd. intends to sell Electric Networks of Armenia (ArmElNet), Armenia’s national electricity distribution company, with Russia’s Unified Energy System (UES) among the potential buyers, Yevgeny Glandunchuk, ArmElNet’s general director, told Interfax.
Midland Resources is concentrating more on its metals business, which will receive the proceeds from the ArmElNet sale, Glandunchuk said.
“The problem is in the price which buyers might offer,” he said. The owner has not received any lucrative offers yet, he said.
It could take a year to sell the network, but by then it will have become more expensive with the need to invest in it and reduce electricity losses, Glandunchuk said. Anybody buying the company right now could he safe in the knowledge that the outlay would be recouped in eight years, he said.
He also said Midland Resources only had the right to sell 25% of ArmElNet on its own and would need the Armenian government’s clearance to sell the remaining 75%.
Midland Resources bought ArmElNet for $12.15 million in November 2002, but pledged an additional $27.985 million to clear the company’s debts.
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