Anti-trust agency does not allow Switzerland-based Helvelex to acquire Shahnazaryan wine and brandy house in Armenia

Anti-trust agency does not allow Switzerland-based Helvelex to acquire Shahnazaryan wine and brandy house in Armenia

YEREVAN, March 14. / ARKA /. Armenia’s anti-trust agency did not allow today a Switzerland-based company Helvelex to acquire all 100 percent stock of Shahnazaryan Wine and Brandy House in Armenia.

Artak Shaboyan, head of the State Commission for Protection of Economic Competition (SCPEC) said his agency had revealed that Helvelex’s total capital stood at only 50 thousand Swiss francs, while it was ready to pay 22 million Swiss franks for the Armenian company.

Shaboyan said the Swiss company refused to provide explanations about what money it was going to use to buy the Armenian company. Therefore, the Commission estimated the deal as suspicious, not excluding either it could be false.

Shahnazaryan Wine and Brandy House was founded in 2009 in Yeghvard of Kotayk region. It produces ‘Shahnazaryan’ and ‘Pearl of Armenia’ 3-7 years old brandies, as well as brandy spirit.  M.M.-0-

14:23 14.03.2014

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