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"Shen-Concern" CJSC Intends To Attract Credit From Eurobank To Sum O

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  • "Shen-Concern" CJSC Intends To Attract Credit From Eurobank To Sum O

    "SHEN-CONCERN" CJSC INTENDS TO ATTRACT CREDIT FROM EUROBANK TO SUM OF $5-6 MLN

    Yerevan, May 19. ArmInfo. The "Shen-Concern" CJSC intends to attract
    credit from the European Bank for Reconstruction and Development
    to the sum of $5-6 mln to build a plant in Armenia for plasterboard
    production, the Concern's President Samvel Beglaryan told ArmInfo.

    According to him, plasterboard is not produced in Armenia at present
    and is imported mainly from Iran and partially from Russia. According
    to Beglaryan's assessments, Armenia imports about 1-1,5 mln sq.m
    of plasterboard per year to the sum of $5 mln. To organize this
    production, "Shen" intends to start development of a plaster deposit
    in Armenia. As to Beglaryan's estimations, the Eurobank's credit
    means will be enough to operate the quarry and to build a plant. This
    project will be probably considered at the Eurobank's general meeting
    of shareholders to be held in London June 20-26, 2006. Then the
    project will be discussed at the regular annual meeting of the "Shen"
    shareholders in Yerevan on July 9. According to the President of
    "Shen", the year 2005 was successful for the Company in the whole,
    as compared to the previous year. Thus, according to preliminary
    estimations, the volumes of sales increased by 20-25% or by $300-400
    thsd. as compared to 2004.

    To be noted, the "Shen-Concern" CJSC was created in 1995. Thirty-six
    percents of the Concerns' shares belong to the EBRD, the rest part -
    to the Armenia's residents. The Concern owns a network of firm shops,
    where 114 employees are engaged.
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