Armenia to increase stake in ArmRosgazprom

Interfax, Russia
Nov 8 2012

Armenia to increase stake in ArmRosgazprom thanks to injection of $3.2
mln in property

YEREVAN. Nov 8

Armenia to increase stake in ArmRosgazprom thanks to injection of $3.2
mln in property

The Armenian government decided on Thursday to increase the state
stake in the charter capital of CJSC ArmRosgazprom, which is the sole
supplier of gas to the country, an Interfax correspondent at the
government meeting reported.

The Armenian Government Chief of Staff, David Sargsyan, who presented
the document, said that CJSC ArmRosgazprom will receive property such
as 1.3 billion dram worth (around $3.2 million) in gas distribution
networks, which is state property and on the government balance sheet.

The government has proposed to the company’s management to hold an
independent audit of the property’s value and increase charter capital
through an additional share placement by closed subscription.

CJSC Armrosgazprom’s charter capital comes to 312.07 billion dram.
Russian gas giant Gazprom (RTS: GAZP) owns 80% in the company while
the Armenian government holds 20% through the Ministry of Energy and
Natural Resources.

Therefore, with the placement of 1.3 billion dram in shares, the
company’s charter capital will go up by 0.4% while the Armenian
government’s stake would be slightly adjusted.

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