Thursday, June 14 2018 15:32

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.