Management of state-owned shares of the Hayfilm film studio, named after Hamo Beknazaryan, will be transferred to the Ministry of Education, Science, Culture and Sports, following a government decision, Factor.am reports.

The rationale states that the multifunctional film industry complex has been in steady decline and largely inactive for nearly a decade.

The changes are expected to enable the implementation of a large-scale “Hayfilm film production city” project, ensuring efficient use of state resources and creating modern film industry infrastructure.

According to the decision, the move is driven by the need to implement development and reform programs in the film sector, as well as by the noticeable growth of international cooperation in recent years.

The Hayfilm closed joint-stock company has been under the State Property Management Committee since 2015. The committee is expected to complete the transfer of shares within one month.

Hayfilm, founded in 1923, is a historic Armenian film studio that produced feature films. After Armenia’s independence, its activity declined significantly. In 2005, it was privatized with investment commitments that were not fulfilled, and in 2015, 100% of its shares were returned to the state.