YEREVAN, May 16 (Noyan Tapan). Three foreign companies (one Russian among them) have applied for the privatization of "Nairit-1". Minister of Trade and Economic Development of Armenia Karen Chshmaritian told a May 16 news conference that the plant is currently managed by "Haykapbank", which assumed the management of the plant against the debts of the "Runsut" company and "Armenian Savings Bank" to the bank.
According to the minister, a form of the
agreement to be signed between the "Armkapbank" and the new owner
in case of the company's privatization is being worked out. "The past bitter
experience" of the Armenian government makes it necessary that, among other
points, the obligatory condition of the presence of banking guarantees (at least
$1.5 million for the first 5 months) be stipulated by the agreement.