Less than two years after being returned to the state, Armenia’s government-owned ArmenFilm studio is on sale once again.
The sale forms part of a wider sale of state property, through which the government hopes to raise approximately $73 million from foreign investors from the sale of 47 publicly-owned entities in need of modernisation. Property on sale within the 2017 — 2020 Privatisation Programme recently adopted by the Armenian government includes buildings belonging to Armenia Post, Yerevan central bus station and a jewellery factory.
According to a report by Armenian news site News.am, in recent years ArmenFilm has been operating at a loss, save in 2016 when the studio returned a profit of 68,000 dram ($141).
“The effective operation of the film studio requires extensive funds. The state cannot provide such support, so it is advisable to privatise this company,” representatives of the State Property Management Department of Armenia stated.
The Armenian State Film Fund, however, falls under the authority of the Ministry of Culture Ministry. The fund is included neither in the film studio balance nor in the privatisation package.
Source: News.am (in Russian)