GAGIK TSARUKYAN PURCHASES BUSINESS IN BULGARIA

news.am
Oct 30 2009
Armenia

Gagik Tsarukyan, Chairman of the Prosperous Armenia Party and
Parliament member and his spouse Javaguir have purchased the Bulgarian
water bottling company Gorna Banya for â~B¬25m.

Evgeni Goranov, one of the company’s former owners, confirmed the
deal was struck late last week.

About â~B¬20m of the amount will be channeled to debt payments,
Goranov said, noting that the company owes â~B¬12m in long-term
banking loans and â~B¬4m in short-term funding.

It should pay a separate sum of about â~B¬3.5m to a UK investment fund.

The other partners that have divested of their stakes in the water
bottler are Pavlin Ivanov and Roumen Tsvetkov. Zaven Asaturov has
been appointed company manager.

Gorna Banya generated total revenue of more than 36 million leva
for 2008.

Gagik Tsarukyan is President of the Armenian National Olympic Committee
and owner of the Multi Group concern.