Market value of ENA is under review, after which company may be nationalized – Pashinyan

The market value of the “Electric Networks of Armenia” (ENA) is currently being assessed. If the valuation proves affordable for Armenia’s state budget, ENA will be fully nationalized and placed under trust management, Armenian Prime Minister Nikol Pashinyan said at a press briefing following a government meeting.

“We have informed our international partners about the situation, in particular we are trying to keep leading companies in the energy sector updated. Right now, the market value of ENA is being assessed, and if it proves affordable for Armenia’s budget, we will fully nationalize the company and transfer it to trust management by an international, highly professional company or group of companies,” Pashinyan said.

According to him, there are reports suggesting ENA’s financial condition is so poor and its market value so low that the government could allocate a certain amount and nationalize the company.

“There are talks, but I won’t say anything yet. Overall, we are in no hurry: ENA de facto belongs to Armenia, and we are working. The company’s efficiency, tax activity, and transparency have significantly improved. ENA has opened up as a partner to dozens, if not hundreds, of companies, whereas previously tenders were mainly attended by firms connected to former managers. In essence, it was a corrupt and money-laundering system, for which criminal cases have also been initiated,” Pashinyan added.