Friday, September 18 2015 09:47

Inter RAO sells 100% of its shares in Electric Networks of Armenia (ENA) to Cyprian Liormand Holding Limited for $500 million, a source in the National Assembly of Armenia told ArmInfo.  

According to the source, $300 million of the given amount will be used to cover all the payables of ENA, the remaining will be paid for the company's shares. However, one of the potential buyers, Samvel Karapetyan, the owner of Tashir Group, is not comfortable with the amount of ENA's debts.  Eventually, after intensive talks also with the Russian Federation authorities, they have agreed that Russia will provide $300 million loan under guarantees of the Armenian Government to cover ENA's debts.

According to the source, besides Samvel Karapetyan's companies, there are also other buyers: Karen Karapetyan, the former director general of ArmRusgasprom CJSC, Armenian tycoon Gagik Tsarukyan, and Haroutyun Pambukyan, who was behind the first deal on sale of ENA to Midland Resources (UK).    

Earlier today, Kommersant Russian newspaper reported that Inter RAO may sell the Electric Networks of Armenia (ENA) in late October 2015.  The newspaper reports that 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 that will transfer the responsibilities stipulated by the agreement on sale of ENA to Inter RAO dating back to 2002 to the new buyer.  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 takes into 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, the Kommersant source says.