The Russian Inter RAO Holding company that owns the power distributor Electric Network Armenia (ENA) company has applied to Armenia’s government to sell off 100 percent of its shares in ENA.
During its September 17 session, Armenia’s government announced that ENA would be sold to Liormand Holdings Limited, an offshore company registered in Cyprus
Liormand was registered on November 30, 2010; information about the company’s owners or shareholders is private.
A Google search of the company yielded no results.
In the i-Cyprus corporate registry it is listed as being registered on November 30, 2010. Any additional information about the company’s owners or shareholders is only available for a fee.
ENA is the only distributor of electricity in Armenia. It was created in 2002 by Inter RAO Holding, who holds 100 percent of the shares in ENA. Four electricity distributing companies were merged into ENA. According to i-Cyprus, Liormand Holding is a company involved in energy production, sales and export
Earlier this year, the ENA had appealed to Armenia’s Public Services Regulatory Commission to increase electricity rates by 40 percent, citing massive debt accumulation.
On June 17, the PRSC approved an almost 17 percent rate hike, which led to massive protests in Yerevan that saw the shutdown of Baghramyan Avenue, a major thoroughfare in the capital for almost two weeks.