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Despite Rumors, Arzni Group Continues Its Production Activities

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  • Despite Rumors, Arzni Group Continues Its Production Activities

    DESPITE RUMORS, ARZNI GROUP CONTINUES ITS PRODUCTION ACTIVITIES
    by Elita Babayan

    http://www.arminfo.am/index.cfm?objectid=26335260-F925-11E2-94D30EB7C0D21663
    Tuesday, July 30, 18:34

    Despite the media reports that the business of Armenian entrepreneur,
    Arzni Group owner Gevorg Afandyan is stagnating, Arzni Group continues
    its production activities and has reduced its output to a small extent
    only. Alik Khachikyan, Chief Financial Officer at Arzni Group, has
    told ArmInfo that Arzni Group (Byurakn LLC) keeps on producing mineral
    water under the AYG brand, as well as the PAPA CARLO lemonade. The
    company's output has dropped by 5% over year. Khachikyan has not
    specified the financial indices of the company.

    According to Khachikyan, the company continues exporting its products
    to Russia. The factory has recently delivered its mineral water to
    Belarus as well.

    To note, Arzni Group also includes well-known brands such as
    Segafredo, AG Electronics, AG Print, KFC, Vita Spa. Khachikyan has
    not commented on the situation with the given brands due to the lack
    of information. In 2011 Arzni Group acquired the STAR trade chain,
    which was in a difficult financial state, and hoped to give a fresh
    impetus to its work, however, according to unspecified data, this
    asset was later disposed.

    To recall, Gevorg Afandyan is reported to owe a big sum to several
    banks. The proceeding on this issue lasted a few months and was over in
    May 2013. The court ruled confiscation of the businessman's property.

    A reliable source has told ArmInfo that Arzni Group is still
    stagnating. The company has found itself at the verge of bankruptcy
    due to incompetent management that led to embezzlement. "Over the last
    few months the leadership of the company has been trying to improve
    the internal situation, but any attempts led to new embezzlement and
    negligence of the constantly changing directors", the source says. As
    a result, the company's staff has considerably shrunk since early
    2013. The employees were discontent with their wages and constant
    back pays.

    The source also says that Arzni Group has recently planned to acquire
    ArmElectromash Plant and to launch its central office in the area of
    the plant.

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