YEREVAN (Noyan Tapan)–The USAID-sponsored Price Water House Coopers company is implementing the experimental program "Sale of the remaining government-held shares." The goal of the program is the development of professionalism of Armenia’s broker companies.
At the March 22 meeting with representatives of the Union of the Securities Market Members (USMM)–company representatives said that under the program–the government-held shares of six enterprises were sold through broker companies. The broker companies succeeded in obtaining profits and gaining experience.
Outlining the current state of Armenia’s securities market–they pointed out that broker companies are in financial embarrassment–and the collection of necessary information on companies being privatized is difficult. It was also stated that broker companies frequently encounter artificial obstacles raised by bureaucrats.
The program is still underway; shares of another two companies will be sold through broker companies in April.