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EBRD TO GRANT $5.5 MLN CREDIT TO STAR
ArmInfo
2009-11-24 14:59:00
ArmInfo. European Bank for Reconstruction and Development (EBRD)
will grant credit to the biggest retail network of Armenia, STAR, to
the sum of $5.5 mln. As STAR told ArmInfo, signing of a corresponding
credit agreement will be held in Yerevan on November 25.
According to the agreement terms, STAR will receive this credit in
December 2009, $3.5 of which will be granted in form of credit for 7
years with two-year delay of payment, $1.434 mln - in form of a joint
stock capital, with possibility of redemption in 1 year, and $566,000
- in form of conversion of corporate bonds to shares. According to
STAR Executive Director Vahan Kerobyan, the funds will be directed
to fulfillment of obligations to suppliers of goods, opening of new
supermarkets and reconstruction of the existing ones, as well as
strengthening of the network's circulating capital.
To note, EBRD is one of the shareholders of STAR, and its share in
the Company's capital currently makes up 28,3%. STAR network numbers
13 supermarkets (12 - in Yerevan, and 1 - in Hrazdan).
ArmInfo
2009-11-24 14:59:00
ArmInfo. European Bank for Reconstruction and Development (EBRD)
will grant credit to the biggest retail network of Armenia, STAR, to
the sum of $5.5 mln. As STAR told ArmInfo, signing of a corresponding
credit agreement will be held in Yerevan on November 25.
According to the agreement terms, STAR will receive this credit in
December 2009, $3.5 of which will be granted in form of credit for 7
years with two-year delay of payment, $1.434 mln - in form of a joint
stock capital, with possibility of redemption in 1 year, and $566,000
- in form of conversion of corporate bonds to shares. According to
STAR Executive Director Vahan Kerobyan, the funds will be directed
to fulfillment of obligations to suppliers of goods, opening of new
supermarkets and reconstruction of the existing ones, as well as
strengthening of the network's circulating capital.
To note, EBRD is one of the shareholders of STAR, and its share in
the Company's capital currently makes up 28,3%. STAR network numbers
13 supermarkets (12 - in Yerevan, and 1 - in Hrazdan).