Cabinet declares ENA shares a public priority: they will be alienated in favor of the state

The Armenian government has recognized the alienation of 100% of the shares of Electric Networks of Armenia in favor of the state as a priority public interest. The justification for the decision states that the principle of overriding public interest allows the state to intervene where citizens’ right to uninterrupted and safe services is under threat.

According to the government’s justification, distribution networks are strategic infrastructure, and a failure in their operation could lead to serious social and economic consequences, as well as consequences for security. For this reason, the authors of the decision say, the state not only has the right but is obliged to intervene when it is necessary to ensure the security of the state and society.

According to the draft, the deadline for completing the share alienation process for ENA has been set for October 1, 2027.

A total of 246,423 shares of the company are subject to alienation, with a combined nominal value of 20 billion 674 million 889 thousand 700 drams (AMD 20,674,889,700). Of these, 172,496 shares, or about 70 percent, belong to Tashir Capital CJSC, and 73,927, or about 30 percent, belong to Liormand Holdings Limited.

Commenting on the decision, Prime Minister Nikol Pashinyan said that, politically, the ENA issue is an integral part of the process of returning illegally obtained property. “What was taken from the people is being returned to the people,” he said.