Armenian minister sees no reason for concern over sale of Electric Networks of Armenia to Liormand Holding Limited

 

Talking to reporters on September 29, he said all the documents of the deal were thoroughly studied and a special statement for the public will be made within the coming two days. Yervand Zakhasryan 

explained the statement will be about the deal, the future owner, is registration and the future operation. The Public Services Regulatory Committee is to meet on October 1 to approve the deal on sale of Inter RAO's 100% stake in ENA.  

 

Marcuard Heritage has made a favorable purchase offer to Inter RAO. The founders of Marcuard Heritage are closely connected with Russia. Sinan Bodmer, director general and one of the co-owners of Marcuard Heritage, is a member of the Board of Directors of Fora-Bank - part of Samvel Karapetyan's Tashir Group. Hans-Joerg Rudloff, another co- owner, was a member of Rosneft's Board of Directors for 7 years. In June 2015, the Kommersant sources called Samvel Karapetyan as the most probable buyer of the ENA.     

 

On September 17, Inter RAO Holding B.V. (member of Inter RAO) informed the Armenian Government of its intention to sell 100% of the ENA's shares to Liormand Holding ltd. (Cyprus). The Government has 

instructed the relevant structures to survey the Cypriot company and draft the relevant agreement.  Armenian officials do not clarify who owns Liormand. According to the Cypriot registry, Liormand is owned by a chain of companies that features a link to Marcuard Trust Ltd, a member of Marcuard Heritage. It is from this structure that Inter RAO has received a "worthy" offer on ENA, says the Kommersant source, which is quite well aware of the situation. The source notes that the price takesinto account the fundamental value of the asset and it is affordable to Inter RAO. The deal may be closed in late October if the Armenian Government approves it and if the audit conducted by Deloitte upon the authorities' demand proves that the ENA tariffs are substantiated.