YEREVAN, MARCH 30, ARMENPRESS. The government of Armenia approved the draft on privatizing the Yerverelak CJSC.

Deputy head of the state property management department Ashot Markosyan said the company will be privatized through a tender.

“The government of Armenia proposes to present 100% state shares of the company for privatization through a tender, setting the starting price of the shares at 100% of the evaluated price – 94 million drams”, Markosyan said.

70 percent of the money will be directed to the state budget, and 30% to community budgets.

Yerverelak is the only licensed state company in the elevator business.

Back in 2012 the government decided to sell the company, but the auction didn’t take place. An auction failed to take place again in 2013.