Government Suggests Including Its Shares of “Manuk” JV in Privatization List

YEREVAN (Noyan Tapan)–At its June 27 meeting–the National Assembly discussed the bill "On amendmen’s to the Law of the Republic of Armenia On the program of privatization of state property for 1998-2000’". By this bill–the government suggests adding its shares of the Armenian-French "Manuk" joint venture to the agriculture-related part of the privatization list. The voting on the bill was postponed for lack of a quorum.

Minister for the State Property Management David Vardanian said that the "Manuk" JV was established in 1994 on the basis of one of the shops of the Armavir cannery for the purpose of setting up the production of mixtures for children. Since 1996 the JV has not been idle. According to the minister–"the government neither promoted nor hindered this process." The authorized capital of the JV is 117 million AMD–44 percent belonging to the government–and 56 percent to the "Aznavour-Armenia" organization. Currently–the liabilities of the JV make up 55 million AMD. Charles Aznavour requested the Armenian government to privatize its shares and promised to make large investmen’s in the future. Vardanian pointed out that after the law is adopted–the government will determine the form of the privatization of the enterprise. The positive decision of the Parliamentary Standing Committee for Finance–Credit–Budgetary and Economic Affairs is accounted for by Charles Aznavour’s authority.


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