Thursday, February 27 2020 17:24
Alina Hovhannisyan

RA Government exempts ``High Voltage Electric Networks`` CJSC from  paying dividends to state budget

RA Government exempts ``High Voltage Electric Networks`` CJSC from  paying dividends to state budget

ArmInfo.The Government of Armenia made a decision on exemption of High Voltage Electric Networks CJSC according to the results of 2018 from dividends payable  to the state budget in the amount of 1,240,547.0 thousand drams. This  is stated in the certificate - justification of the draft decision of  the Government of the Republic of Armenia.

According to the report, the government obliges the company to ensure  an increase in the authorized capital by the abovementioned amount by  increasing the nominal value of shares in the prescribed manner.

However, as stated in the source, after the decision comes into  force, in the manner prescribed by law, the Minister of Territorial  Administration and Infrastructure must ensure a change in the  authorized capital, and state registration in the charter.

Based on the considerations of effective management of the company's  cash flows and ensuring the company's business continuity, the RA  Ministry of Finance expresses its readiness to discuss the issue of  deferring the payment of the remaining part of the obligation to pay  dividends to the RA state budget for a certain period.

To note, the state-owned CJSC High-Voltage Electric Networks was  created on the basis of a government decree of July 20, 1998.  The  company has 13 substations with a capacity of 220 kV and 2  substations of 110 kV. RA energy system through Agarak switching  point 220kV is connected to the Iranian energy system through the 220  kV ''Agar - 1.2'' interstate lines, and through the overhead lines-  Alaverdi (220 kV), "Lalwar" and "Ninotsminda" (110 kV) with the power  system of the Republic of Georgia. In the framework of the  Armenian-German intergovernmental negotiations, the Government of  Germany provided funds for a loan of up to EUR 20.4 million for the  Armenia-Georgia Power Transmission Line program. As a result of  intergovernmental negotiations in 2012 the German government has  expressed willingness to provide loans even up to 75.0 million euros  at reduced interest rates. The grant fund of the Neighborhood Policy  Financing Facility of the Council of Europe will also allocate an  amount of 10.0 million euros. These funds will be used for the  construction of the Armenia-Georgia power transmission line,  high-voltage direct current conversion stations and substations of  500/400 kV. The total cost of the program according to preliminary  estimates of the consulting company FICHTNER is approximately 326.9  million euros.

The Asian Development Bank (ADB) and the European Bank for  Reconstruction and Development (EBRD) are assisting the Government of  the Republic of Armenia in improving its ability to transfer  electricity and increasing the reliability of energy supply to  consumers, in parallel with the energy systems of neighboring  countries. For this purpose, within the framework of the Electricity  Transmission Network Restoration Program financed by ADB and EBRD, 4  substations of High-Voltage Power Grids CJSC should be reconstructed  based on the complete completion of work, as the electrical equipment  of the substations is worn out. The program provides for  reconstruction work in 2 stages: the first stage envisages the  reconstruction of the Agarak-2 and Shinuhayr substations financed by  ADB, the second stage envisages the reconstruction of the  Yeghegnadzor and Ararat-2 substations financed by the EBRD.

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Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000