Hrazdan Cement Plant gets new owner – media report
14.06.2018,
12:30
Hrazdan Cement plant has got a new owner, Zhoghovurd (People) reported on Thursday.
YEREVAN, June 14. /ARKA/. Hrazdan Cement plant has got a new owner, Zhoghovurd (People) reported on Thursday.
According to the media resource, the plant was soled to the Hrazdan Cement Corporation established in December 19, 2017 by GM Holding.
The newspaper, referring to its own sources, says that GM Holding is owned by Arsen Mikaelyan, chairman of Armbusinessbank CJSC board, which belongs to billionaire Vitaly Grigoryants, born in Karabakh, who lives in Russia.
According to the newspaper, after the purchase-sale transaction investments have been made and the plant started operating.
Hrazdan Cement CJSC has numerous accumulated debts, and its property has been pledged at VTB Bank (Armenia), which later became the full-right owner of the company.
The plant was coming close to bankruptcy because of the accumulated debts, and in 2016, the parliament decided to rid it of fines, which had been accumulated because of delayed tax and social payments, to save it.
According to the latest data, the Hrazdan Cement’s liabilities totaled AMD 966 million by early May 2016, of which AMD 401 million is debt and AMD 565 million is fines.
Hrazdan Cement (former Mika Cement) has been established on the basis of the Hrazdan Cement Plant launched in 1970 as a unit of Hrazdan Mining and Chemical Plant and reorganized into Hrazdan cement Plant in 1977.
In the 1990s it stood idle. In 2001, the plant was privatized by Mikhail Bagdasarov, president of MIKA
Armenia Company. On the same year, the plant was renamed Mika-Cement. Later, the plant was given to VTB Bank (Armenia) for debts.
The plant is located in the town of Hrazdan on the territory of 540,000 square meters. The plant is equipped with two technologic lines able to produce 1.2 million tons of cement and 1 million tons of clinker a year. ($1 – AMD 482.68). -0---
According to the media resource, the plant was soled to the Hrazdan Cement Corporation established in December 19, 2017 by GM Holding.
The newspaper, referring to its own sources, says that GM Holding is owned by Arsen Mikaelyan, chairman of Armbusinessbank CJSC board, which belongs to billionaire Vitaly Grigoryants, born in Karabakh, who lives in Russia.
According to the newspaper, after the purchase-sale transaction investments have been made and the plant started operating.
Hrazdan Cement CJSC has numerous accumulated debts, and its property has been pledged at VTB Bank (Armenia), which later became the full-right owner of the company.
The plant was coming close to bankruptcy because of the accumulated debts, and in 2016, the parliament decided to rid it of fines, which had been accumulated because of delayed tax and social payments, to save it.
According to the latest data, the Hrazdan Cement’s liabilities totaled AMD 966 million by early May 2016, of which AMD 401 million is debt and AMD 565 million is fines.
Hrazdan Cement (former Mika Cement) has been established on the basis of the Hrazdan Cement Plant launched in 1970 as a unit of Hrazdan Mining and Chemical Plant and reorganized into Hrazdan cement Plant in 1977.
In the 1990s it stood idle. In 2001, the plant was privatized by Mikhail Bagdasarov, president of MIKA
Armenia Company. On the same year, the plant was renamed Mika-Cement. Later, the plant was given to VTB Bank (Armenia) for debts.
The plant is located in the town of Hrazdan on the territory of 540,000 square meters. The plant is equipped with two technologic lines able to produce 1.2 million tons of cement and 1 million tons of clinker a year. ($1 – AMD 482.68). -0---
