Armenian govt officially approve future nationalization of Karapetyan's Electric Networks of Armenia

YEREVAN. Oct 15 (Interfax) - The Armenian government resolved on Thursday that 100% of shares in Electric Networks of Armenia (ENA) owned by Tashir Group chief Samvel Karapetyan be declared an object of public interest.

"Politically, this fits into the government policy of reclaiming the unlawful assets. Our plan is for ENA to become a state property through this decision, whose administration will then be transferred to an international top company or a group of companies," Armenian Prime Minister Nikol Pashinyan said.

The appraisal of ENA assets has yet to be completed, the company owners will be notified within the statutory period, Territorial Administration and Infrastructure Minister Davit Khudatyan said.

Earlier, the government offered around $62.3 million for ENA, but on condition that the owners return the dividends received over the past ten years, with which the final offer will amount to around $380,000.

The ENA alienation process is to begin on May 1, 2027 at the latest and end by October 1, 2027, the government resolution said.

On June 17 the SCC Arbitration Institute granted the Armenian government application in a case over ENA's nationalization.