Prime-Tass English-language Business Newswire
September 27, 2005
France’ Pernod Ricard denies plans to sell Yerevan Brandy Co
MOSCOW, Sep 27 (Prime-Tass) — France’s wine producer Pernod Ricard
denied any plans to sell the Yerevan Brandy Company, or YBC, Pernod
Ricard’s management said Tuesday, ITAR-TASS reported.
Pernod Ricard bought YBC from the Armenian government for U.S. USD 28
million in 1999.
Earlier an Armenian lawmaker has claimed Pernod Ricard wanted to sell
the Armenian company.
Aram Sarkisyan, the leader of the Armenian opposition Democratic
Party said recently that Pernod Ricard was considering the sale of
YBC for USD 770 million.
The lawmaker said he planned to initiate a probe into the YBC’s
acquisition by the French wine producer, which he said was either
“incomplete” or went against law.
Sarkisyan also went on to claim that the YBC would not be able to
produce its branded cognacs soon.
YBC’s management denied Sarkisyan’s claims that the company had used
half of its alcohol reserves without replenishing them.
YBC is the leading cognacs producer in Armenia, and is the producer
of ArArAt cognac, which was a widely regarded brand in the Soviet
Union and still is throughout the region.
YBC’s sales quadrupled since the company’s acquisition, the company
said without providing exact figures.
The ArArAt cognac brand is one of the top Pernod Ricard brands, and
the French producer looks to it to provide further development in
such countries as Russia, YBC said.
From: Emil Lazarian | Ararat NewsPress