“SHEN-CONCERN” CJSC INTENDS TO ATTRACT CREDIT FROM EUROBANK TO SUM OF $5-6 MLN
Yerevan, May 19. ArmInfo. The “Shen-Concern” CJSC intends to attract
credit from the European Bank for Reconstruction and Development
to the sum of $5-6 mln to build a plant in Armenia for plasterboard
production, the Concern’s President Samvel Beglaryan told ArmInfo.
According to him, plasterboard is not produced in Armenia at present
and is imported mainly from Iran and partially from Russia. According
to Beglaryan’s assessments, Armenia imports about 1-1,5 mln sq.m
of plasterboard per year to the sum of $5 mln. To organize this
production, “Shen” intends to start development of a plaster deposit
in Armenia. As to Beglaryan’s estimations, the Eurobank’s credit
means will be enough to operate the quarry and to build a plant. This
project will be probably considered at the Eurobank’s general meeting
of shareholders to be held in London June 20-26, 2006. Then the
project will be discussed at the regular annual meeting of the “Shen”
shareholders in Yerevan on July 9. According to the President of
“Shen”, the year 2005 was successful for the Company in the whole,
as compared to the previous year. Thus, according to preliminary
estimations, the volumes of sales increased by 20-25% or by $300-400
thsd. as compared to 2004.
To be noted, the “Shen-Concern” CJSC was created in 1995. Thirty-six
percents of the Concerns’ shares belong to the EBRD, the rest part –
to the Armenia’s residents. The Concern owns a network of firm shops,
where 114 employees are engaged.