Armenian leader welcomes sports complex deal with Russian company

Arminfo
9 Sep 05

YEREVAN

Armenian President Robert Kocharyan today received the president of
the Russian construction holding BAMO, Murad Muradyan, who has bought
the Karen Demirchyan sports and concert complex. A relevant agreement
was signed today between the management of the holding and the state
property department of the Armenian government.

During the meeting, Kocharyan expressed his satisfaction with the
deal, the presidential press service told Arminfo news agency. In
turn, the new owner of the sports and concert complex assured the head
of state that he will rigorously keep his commitments stipulated by
the deal.

The two parties noted the importance of the fact that the
implementation of the investment programme of the sports and concert
complex will open new opportunities for the development of Armenia’s
cultural and sports life.

It must be remembered that BAMO has bought the sports and concert
complex for 5.7m dollars. The government decided to sell the complex
on 25 August this year.

[Passage omitted: Details of BAMO’s obligations]