Public Services Regulatory Commission (PSRC) of Armenia approved unanimously the sale of 100% shares of the Electric Networks of Armenia, belonging to Inter RAO.

The company will be sold to Cyprus-based Liormand Holding Limited, affiliated with businessman Samvel Karapetyan's Tashir Group. The decision, in particular, states that the Electric Networks of Armenia has to submit sale documents to the PSRC within two weeks.

Previously, Tashir Group confirmed the purchase of the Electric Networks of Armenia and Hrazdan thermal power plant.

“In order to support the population, we decided, at the expense of personal funds and on parity with the Armenian government, to compensate the difference between the previous and current tariffs for households and small businesses for a whole year,” Karapetyan said.