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The company Viest Assets bought the whole package of shares of
Armenian network of "STAR" supermarkets
YEREVAN, May 5. /áRëá/. The company Viest Assets Ltd. registered in
British Virgin Islands bought 100% of shares of "STAR" supermarkets,
said representative of Viest Assets Ltd. Hovsep Manukayn in the
press-conference on Thursday. The company is based on the Armenian
capital but he refused to tell the name of the owner of the company.
"We believe the acquisition of STAR network is a great success. We are
ready to make necessary investments for the development of the brand",
he said without mentioning the size of investments.
There will not be changes in the top management of the company.
Executive Director Vahan Kerobyan said that after re-branding the
policy of the company will be changed, particularly the prices and
service. "We plan to move from low-price segment to middle", he said.
The company plans to open not large 10-12 new shops of STAR in Yerevan
and the surrounding areas.
"Currently, the daily flow of visitors to our supermarkets are about
35 thousand. In the result of re-branding we plan to increase the
number of customers", said Kerobyan.
He said that soon three supermarkets STAR will appear in the center of
Yerevan in a new form.
Re-branding process will be completed by mid-2012.
Currently, the network of supermarkets STAR includes 18 shops. The
company's turnover in 2010 was 18 billion drams.
Previously, the shareholders of STAR have been European Bank of
Reconstruction and Development (EBRD) with the share of 28.3% and
entrepreneur Henrik Zakharyants - 71.7% of shares.
British Virgin Islands (BVI) is one of the offshore jurisdictions. BVI
is a British colony, legislation of which is based on English common
law and have an excellent reputation for political stability.
Business environment of BVI is rather favorable and has excellent
relations worldwide, level of literacy is 100% and English is the
primary language. The main component of GDP is tourism and
international service sector. ($1- 372.79 drams). -0-
From: A. Papazian
Armenian network of "STAR" supermarkets
YEREVAN, May 5. /áRëá/. The company Viest Assets Ltd. registered in
British Virgin Islands bought 100% of shares of "STAR" supermarkets,
said representative of Viest Assets Ltd. Hovsep Manukayn in the
press-conference on Thursday. The company is based on the Armenian
capital but he refused to tell the name of the owner of the company.
"We believe the acquisition of STAR network is a great success. We are
ready to make necessary investments for the development of the brand",
he said without mentioning the size of investments.
There will not be changes in the top management of the company.
Executive Director Vahan Kerobyan said that after re-branding the
policy of the company will be changed, particularly the prices and
service. "We plan to move from low-price segment to middle", he said.
The company plans to open not large 10-12 new shops of STAR in Yerevan
and the surrounding areas.
"Currently, the daily flow of visitors to our supermarkets are about
35 thousand. In the result of re-branding we plan to increase the
number of customers", said Kerobyan.
He said that soon three supermarkets STAR will appear in the center of
Yerevan in a new form.
Re-branding process will be completed by mid-2012.
Currently, the network of supermarkets STAR includes 18 shops. The
company's turnover in 2010 was 18 billion drams.
Previously, the shareholders of STAR have been European Bank of
Reconstruction and Development (EBRD) with the share of 28.3% and
entrepreneur Henrik Zakharyants - 71.7% of shares.
British Virgin Islands (BVI) is one of the offshore jurisdictions. BVI
is a British colony, legislation of which is based on English common
law and have an excellent reputation for political stability.
Business environment of BVI is rather favorable and has excellent
relations worldwide, level of literacy is 100% and English is the
primary language. The main component of GDP is tourism and
international service sector. ($1- 372.79 drams). -0-
From: A. Papazian