ArmInfo.Hrazdan Cement plant has new owner, it was bought by Hrazdan Cement Corporation, which was established in December 2017 by GM holding.
As local newspapers inform, GM Holding is headed by Arsen Mikaelyan, Chairman of Armbusinessbank CJSC board. The 100% owner of the bank is Russian- Ukrainian businessman Vitaly Grigoryants, who lives abroad. There is no information about the price of the deal.
The plant's leadership, particualrly its director Naira Martirosyan anwering to ArmInfo's request to comment on the deal, said that she is not aware of it as she is abroad now.
As then-Minister of Economy of Armenia Artsvik Minasyan told journalists back in 2016 Hrazdan Cement Company had accumulated significant tax debts since world economic crisis, which has led to bankrupcy process. Considering the importance f the enterprise for social economic developemnt of the country and maintianing 470 job places, a work group was estabished in 2015. The group presented a draft bill, which was approved by the parliament, on releasing Hrazdan Cement company from a fine amounted to 504,9 mln AMD as of Feb 2016. The total debt made 935 mln, including environmental payments of 5,2 mln drams. The Minister told that VTB Bank Armenia that received the plant instead of debts, has proposed a plant recovery program to the government, which envisages increasing production to 200 thousand tons per annum versus 23,3 thusand tons in 2014 and 75 thousand tons in 2015.
Prior to the crisis, the annual production of two cement plants in the country (Hrazdan-cement and Araratat-cement) was about 1 million tons, as a result of which imports of similar products completely stopped and because supplies to Georgia were significantly reduced, as new additional capacities weere built int he country. Today, according to analysts, the construction industry in Armenia is gradually recovering. Moreover, such large infrastructure projects as the "North-South" road corridor, the construction of four large water reservoirs, the modernization of nuclear power plant are being implemented in the country, which has significantly increased the demand for cement production.
To note, the plant is located in the town of Hrazdan on an area of 540 thousand square meters. The plant has two production lines with a designed capacity of 1.2 million tons of cement and 1 mln ton of clinker per year.