GAGIK TSARUKYAN’S SPOKESMAN CONFIRMS GORNA BANYA DEAL
Ruzan Khachatryan

"Radiolur"
30.10.2009 16:56

President of the "Multi Group" Company Gagik Tsarukyan bought
Bulgarian water bottling company Gorna Banya in a EUR 25 M deal,
which was sealed at the end of last week.

Gagik Tsarukyan’s Spokesman Khachik Galstyan confirmed the information
disseminated by Bulgarian media yesterday. "The negotiations had been
under way for several months, and the deal was sealed last week,"
the Spokesman told "Radiolur." The Company will be run by Bulgarian
Armenian businessman Zaven Asaduryan. This is Gagik Tsarukyan’s first
investment in Bulgaria.

About EUR 20 M of the sale price will be used for covering the
company’s debts, one of the former owners Evgeni Goranov told Dnevnik
daily. The company owes EUR 12 M in long-term banking loans and another
EUR 4 M in short-term funding. It should pay a separate some EUR 3.5
M to a UK investment fund.