MILL AND BREAD FACTORY WERE SOLD FOR 750 MILLION

KarabakhOpen
25-12-2007 16:12:39

Today the government decided to sell the state-owned Mill and Bread
Factory of Stepanakert for 750 million drams.

During the meeting Prime Minister Ara Harutiunyan said the companies
privatized by a group of foreign citizens six years ago were not
lucrative and have accrued debts of one billion drams. In addition,
the companies owe 350 million drams to wheat producers.

Both companies were pledged at Artsakh Bank. Since the companies failed
to repay the loans to the bank, the bank put them up to sale. The
government bought both companies for 450 million drams. "We sell the
companies for 750 millions, of which 300 million will be spend to
cover the debts to wheat producers," Ara Harutiunyan said.

The new owner of the Mill and the Bread Factory of Stepanakert is
Ermy. We have informed earlier that the Russia-based businessman
Karen Baghdasarov had visited Stepanakert and said likely to buy
the companies.