HEC Fully Fulfills All Contractual Obligations According to Approved Payment Plan

Based on the results of the November 17 meeting of the Public Services Regulatory Commission of Armenia, the Commission has made a decision to revoke the electricity distribution license of the Electric Networks of Armenia (ENA) CJSC. According to existing legal regulations, until the completion of the processes outlined in legislation related to the complete transfer of electricity distribution activities, the company will continue its regular operations under the management of a temporary administrator performing executive functions, executing the functions reserved by the electricity distribution license, and ensuring the continuity of cash flows anticipated within this framework, including timely and complete fulfillment of its obligations.

This information was shared by the Public Relations and Corporate Communications Department of ENA CJSC, which also stated, “In particular, in the context of the aforementioned, besides the current repayment of the company's obligations, since the appointment of the temporary administrator, more than 20 million USD of the principal amount of loan obligations has been repaid ahead of schedule. Given the financial situation of the company, it is indisputable that the company is duly fulfilling all its contractual obligations necessary for its normal operations according to the approved payment plan and performance acts.”