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Armrusgazprom's Authorized Capital To Grow Almost Twofold Soon

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  • Armrusgazprom's Authorized Capital To Grow Almost Twofold Soon

    ARMRUSGAZPROM'S AUTHORIZED CAPITAL TO GROW ALMOST TWOFOLD SOON

    Noyan Tapan
    May 22 2006

    YEREVAN, MAY 22, NOYAN TAPAN. Proportions of ArmRusagazprom's
    authorized capital will change soon, as the 5th power unit of Hrazdan
    Thermal Power Plant will make part of this authorized capital in the
    amount of its sale value. The company's authorized capital currently
    makes 280 mln USD. Director General of ArmRusgazprom Karen Karapetian
    stated this during a round table on May 22.

    In his words, the Armenian government will keep the number
    of its shares unchanged. K. Karapetain said that the owners of
    ArmRusgazprom have decided to expand their business, which requires
    additional financial resources. It was noted that the founders have
    the opportunity to invest the increased resources immediately after
    taking a decision, or in the future, or else not to make invsetment at
    all. The proportion of investments to be made will be determined after
    the end of negotiations that are currently underway. It was indicated
    that in case the Armenian government does not make any investment in
    the additional business, it will not affect the number of this extra
    business' shares in any way. In the words of K. Karapetian, the sale of
    Hrazdan TPP's 5th unit was a profitable tranbsaction, since it offers
    Armenia an unprecedented opportunity to have a guaranteed and logical
    tariff for three years. And if the economy is managed efficiently,
    the Armenian manufacturers will be able to occupy all markets of
    the region in the next three years. The speaker noted that work on
    relaunching the 5th power unit will start soon.
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