STAR DOESN’T RULE OUT IFC’S PARTICIPATION IN ITS CAPITAL
ArmInfo
2009-03-18 00:32:00
ArmInfo. STAR company, the largest retailer of Armenia, doesn’t rule
out the International Finance Corporation’s (IFC) participation in
its capital.
STAR Executive Director Vahan Kerobyan told ArmInfo correspondent
that this issue is being currently considered, and the results will
be known by the end of the first half year of 2009.
He also pointed out that at the moment the leaderships of STAR and
IFC are negotiating on long-term $8 mln financing in 2009-2010. "This
issue is still in embryo state, however, the main directions of
promotion of our cooperation will be determined within the frames of
the IFC Moscow Office representative’s visit to Armenia next week",-
Kerobyan stressed.
Kerobyan said that STAR is also planning cooperation with suppliers
in the framework of factoring program, which is being drafted and
will be implemented shortly in cooperation with EBRD and one of the
local banks.
"Factoring has big advantages, first of all, for local suppliers. And
this is quite an important fact for us," Kerobyan said. He said that
the program is aimed at timely crediting suppliers at rates that are
much lower than the ones offered by banks. In 2009 STAR is expecting
to receive a $4.5mln loan from EBRD and to spend it on refinancing
of short-term credits of local banks and on capital investments in
its development.
To remind, last week STAR received 5-year $3mln loan from HSBC Bank
(London). The money will be spent on the fulfillment of obligations
to suppliers.
As of early Feb 2009 the authorized capital of STAR was $12.2mln,
total capital – $20mln. As of today STAR network has 13 supermarkets
(12 in Yerevan and 1 in Hrazdan). The shareholders of STAR are Henrik
Zakharyan (71.7%) and EBRD (28.3%).
From: Emil Lazarian | Ararat NewsPress
