Wednesday, November 7 2012 18:46

Shen Concern introduces advanced standards of corporate management


ArmInfo. Shen Concern CJSC, a large manufacturer of building materials in Armenia, is introducing advanced standards of corporate management, President of Shen Concern CJSC Samvel Beglaryan told ArmInfo. He added that the International Finance Corporation (IFC) and the Corporate Governance Center will jointly elaborate and introduce in the company the project on improvement of the corporate management practice.

To recall, IFC and the Corporate Governance Center signed a Memorandum implying introduction of advanced standards of corporate management in a number of Armenian companies. The project will last for 3.5 years.

Beglaryan said that the relevant decision has taken shape in the company in relation to expansion of the company's activity: "the effective settlement of problems demands that we should revise the internal activity of the company and switch to more efficient mechanisms of corporate management". He also stressed that the company is ready for serious changes and is interested in complete implementation of all business recommendations.

For her part, Narine Melikyan, expert at the Corporate Governance Center, said that the phase of research and assessment of the current business processes in the company is almost over. After the presentation of the research results, Shen Concern will receive recommendations to improve the corporate governance practice. Melikyan thinks that it will take the company about a year to practically apply these recommendations.

To note, Shen Concern CJSC was founded in 1995. It is the assignee of the state enterprise ArmResourceImpex. Being one of the leading companies in Armenia, "Shen-Concern" CJSC is engaged in production of paints, lacquers, putties, dry mixtures, tile glues, concrete blocks and pavers. Simultaneously, the Company deals with sale of cement and metals, as well as installation and acquisition of goods for construction works and furnishing of buildings, construction & design of interior and exterior. The Company also deals with sale of textile. Since 2006 a specialized Shen-Textile shop has been opened, where a great deal of high-quality European curtains with all their necessary accessories, as well as Bathroom & Bed accessories, carpets are sold. There is also a specialized sewing workshop, where various orders with delicate design can be carried out. Shen Concern has also launched activity in Georgia. In 2011 the company acquired Huntsman Building Products LLC. Shen Concern and the EBRD have reached a preliminary agreement on the latter's repeated joining the company's capital. At the moment the company has nearly 500 employees.
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