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NAIRIT PLANT HAS NEW OWNER
YEREVAN, APRIL 16, ARMENPRESS: All shares of one of the biggest
inEurope synthetic rubber manufacturing Nairit plant in Yerevan went
to an international Volgaburmash holding with mainly Russian
capital. The relevant agreement was signed today at the Armenian
Central bank by Volgaburmash's representative in the Central bank,
Mikhail Zavertyaev and the acting head of Armenian Haykap bank, which
took hold of the plant's shares in 2003 April after an Indian Ransat,
the former owner of the plant, failed to meet its commitments. The
deal is expected to be finalized in 3-4 days.
Armenian trade and economic development Karen Chshmaritian said the
holding has "a promising" past record of successful operation. He
added that the holding that was granted the trust management of the
plant last year has already invested $3.5 million to pay back wages
and accumulated utility debts.
The minister said under the takeover contract the holding is to
make big investments to replace the outdated equipment. Zavertyaev
said part of investments will be directed to increasing the output and
reach gradually the projected capacities.
YEREVAN, APRIL 16, ARMENPRESS: All shares of one of the biggest
inEurope synthetic rubber manufacturing Nairit plant in Yerevan went
to an international Volgaburmash holding with mainly Russian
capital. The relevant agreement was signed today at the Armenian
Central bank by Volgaburmash's representative in the Central bank,
Mikhail Zavertyaev and the acting head of Armenian Haykap bank, which
took hold of the plant's shares in 2003 April after an Indian Ransat,
the former owner of the plant, failed to meet its commitments. The
deal is expected to be finalized in 3-4 days.
Armenian trade and economic development Karen Chshmaritian said the
holding has "a promising" past record of successful operation. He
added that the holding that was granted the trust management of the
plant last year has already invested $3.5 million to pay back wages
and accumulated utility debts.
The minister said under the takeover contract the holding is to
make big investments to replace the outdated equipment. Zavertyaev
said part of investments will be directed to increasing the output and
reach gradually the projected capacities.