Thursday, December 27 2012 17:39
Shen Holding to entrust maintenance of accounting records and financial systems management to the charge of non-affiliated specialized company
ArmInfo. Within the frames of introduction of advanced standards of corporate governance, Shen Holding CJSC, a large manufacturer of construction materials in Armenia, has taken a decision to entrust the maintenance of accounting records (financial, tax and management accountings) and the financial systems management to the charge of a non-affiliated specialized company, the press service of Shen Holding told ArmInfo.
The source says that having decided to make use of the specialized company's services, Shen Holding expects to enhance the efficiency of management and control systems, considerably optimize the costs and introduce financial and accounting systems meeting international standards.
To note, Shen Holding is putting into practice the program on introduction of advances standards of corporate governance and is forming a national brand. The International Finance Corporation and the Corporate Governance Center are elaborating a project on improvement of corporate governance practice for the company.
Being one of the leading companies in Armenia, Shen Holding 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. Since 2009, new activity concerning to the import and sale of ceramic tiles, sanitary ceramic, decorative paints, wallpapers has been carried out by "Shen-Concern" CJSC.
At present Shen Holding has about 500 employees.