Thursday, November 24 2016 14:02
Alina Hovhannisyan

Union of Manufacturers and Businessmen requires Yerevan Beer JSC related decision cancellation

Union of Manufacturers and Businessmen requires Yerevan Beer JSC related decision cancellation

ArmInfo. The Union of Manufacturers and Businessmen of Armenia considers unjustified the decision of Economic Competition Protection Comminssion in respect to  AMD 110 mln penalties applied to Yerevan Beer JSC due to unjustified increase of prices.

As mentioned in UMBA statement, the SCPEC decision contradicts to the logics of market economy.  "Particularly, it is hard to understand how the price increase under the conditions of strict competition at the beer market could be considered as an excessive use of leading postions," the statement claims.  UMBA thinks also that the performance of SCPEC is not transparent.  The SCOEC decision is a basis for UMBA to claim the necessity of making essential modifications to RA Law on Economic Competition. "We  think that this decision negatively impacts the rating of the Company both at internal and external markets, and contradicts the  principles of Public-Private Partnership, stated by the Government," the statement claims.  Summarizing the statement, UMBA expressed a hope that the Commission will cancel its decision and will held professional transparent discussions within the participation of all stakeholders.

To note, the Publis Service Regulation Commission penalized Yerevan Beer Company with AMD 110 mln for unjustified increase of prices for own production. According the Commission's Conclusion, the price increase for 30 AMD per 1 liter initiated by the Company, is not justified, because its production expenses did not grow, moreover, they have decreased due to some indications. Hence, the company got additional AMD 110 mln revenue, which will be expropriated and drawn to the state budget. This decision has been taken despite Karen Karapetyan, the Prime Minister, advised to "leave alone" the beer market, where, according to him, the competition is high enough, and to get accentuated at the market of essentials, because the prices variation of those affects people more. The owner of Yerevan Beer republican lawmaker Hakob Hakobyan has stated earlier that he does not agree with such a decision and is going to submit an appropriate complaint to court. According to him, the Company has presented all the appropriate justifications for this price increase.


News


Exchange rates
15.01.2021
RUB7.13-0.03
USD522.53-2.92
EUR634.35-4.97
GBP712.78-4.62
CAD411.77-2.95
JPY50.41-0.12
CNY80.85-0.31
CHF588.83-3.49



Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000