100% of HETC Shares Pledged

100% of the shares of Armenia's Electric Networks have been pledged in favor of the European Bank for Reconstruction and Development and the Asian Development Bank. The relevant decision was made at the regular session of the Public Services Regulatory Commission held today, September 1.

According to the draft decision, HETC plans to enter into transactions to receive loan funds from the European Bank for Reconstruction and Development, the Asian Development Bank, as well as the International Finance Corporation. Therefore, in order to secure the fulfillment of credit obligations, the company’s shares have been pledged as subsequent collateral.

Before making the decision, the Regulatory Commission requested a stance from the government on the matter. The government did not oppose the pledging of the shares of Armenia's energy supply company and, on August 27, allowed the transaction with the corresponding decision.