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SEAF CAUCASUS GROWTH FUND SIGNS FIRST INVESTMENT CONTRACT
http://www.armradio.am/en/2013/04/03/seaf-caucasus-growth-fund-signs-first-investment-contract/
12:31 03.04.2013
On April 3, the USAID-funded Enterprise Development and Market
Competitiveness (EDMC) Project and the Small Enterprise Assistance
Funds (SEAF) Armenia announced the first equity investment in Armenia
made by the SEAF Caucasus Growth Fund. The investment contract was
signed by Esben Emborg from SEAF Caucasus Growth Fund and Arthur
Hovakimyan, Managing Partner of New Force LLC - a local distribution
company in Armenia. During the next five years, the equity investment
will be used to enhance the company's activity in Armenia and to
expand to Georgia.
NewForce will use the investment to create a regional distribution
platform to export and distribute local and international products
(food and non-food), thereby contributing to increased sales and income
for Armenian companies. NewForce will also construct a freezer-ware
facility to distribute chilled and frozen products, and expand its
fleet-base to include vans and trucks with freezer space.
In addition, SEAF plans to have a major transformational impact on
NewForce, included but not limited to the improvement of corporate
governance, and the introduction of an environmental management
system. As a result of these efforts, Armenian consumers will be able
to expect a wider range of local and international products (food and
non-food) at local shops and supermarkets, distributed in a timely
and environmentally-safe manner to preserve the best attributes of
the products.
EDMC Project Chief of Party Bruno Cornelio, Senior Banker from the
European Bank for Reconstruction and Development (EBRD) Alexander
Babayan, and Managing Principal Partner of SEAF Caucasus Growth Fund
Esben Emborg delivered remarks during the announcement, followed by the
signing of the investment contract. The event brought together major
international financial institutions in Armenia, shareholders of the
Caucasus Growth Fund, as well as members of the international community
to talk about the development of the equity funding market in Armenia.
The signing ceremony symbolized the third investment agreement made
by the SEAF Caucasus Growth Fund in the Caucasus region with two
currently funded projects in Georgia. SEAF Armenia will continue to
review other applications by Armenian small and medium enterprises
with the intention of developing an extensive portfolio of high
potential and export oriented SMEs.
From: Emil Lazarian | Ararat NewsPress
http://www.armradio.am/en/2013/04/03/seaf-caucasus-growth-fund-signs-first-investment-contract/
12:31 03.04.2013
On April 3, the USAID-funded Enterprise Development and Market
Competitiveness (EDMC) Project and the Small Enterprise Assistance
Funds (SEAF) Armenia announced the first equity investment in Armenia
made by the SEAF Caucasus Growth Fund. The investment contract was
signed by Esben Emborg from SEAF Caucasus Growth Fund and Arthur
Hovakimyan, Managing Partner of New Force LLC - a local distribution
company in Armenia. During the next five years, the equity investment
will be used to enhance the company's activity in Armenia and to
expand to Georgia.
NewForce will use the investment to create a regional distribution
platform to export and distribute local and international products
(food and non-food), thereby contributing to increased sales and income
for Armenian companies. NewForce will also construct a freezer-ware
facility to distribute chilled and frozen products, and expand its
fleet-base to include vans and trucks with freezer space.
In addition, SEAF plans to have a major transformational impact on
NewForce, included but not limited to the improvement of corporate
governance, and the introduction of an environmental management
system. As a result of these efforts, Armenian consumers will be able
to expect a wider range of local and international products (food and
non-food) at local shops and supermarkets, distributed in a timely
and environmentally-safe manner to preserve the best attributes of
the products.
EDMC Project Chief of Party Bruno Cornelio, Senior Banker from the
European Bank for Reconstruction and Development (EBRD) Alexander
Babayan, and Managing Principal Partner of SEAF Caucasus Growth Fund
Esben Emborg delivered remarks during the announcement, followed by the
signing of the investment contract. The event brought together major
international financial institutions in Armenia, shareholders of the
Caucasus Growth Fund, as well as members of the international community
to talk about the development of the equity funding market in Armenia.
The signing ceremony symbolized the third investment agreement made
by the SEAF Caucasus Growth Fund in the Caucasus region with two
currently funded projects in Georgia. SEAF Armenia will continue to
review other applications by Armenian small and medium enterprises
with the intention of developing an extensive portfolio of high
potential and export oriented SMEs.
From: Emil Lazarian | Ararat NewsPress