RUSSIAN RATM HOLDING HAS FAILED TO BUY HRAZDAN CEMENT PLANT

ArmInfo
2008-09-30 22:17:00

ArmInfo. The negotiations for the sale of Hrazdan Cement Plant to RATM
Holding (Russia) have been stopped, the owner of the plant Mikhail
Bagdassarov said during a press-conference today.

He said that the parties had failed to agree on price. "We will not
sell the plant and are going to develop it," Bagdassarov said.

To remind, presently, the plant is reconstructing its second furnace
and in 2009 it will be able to produce 800,000 tons a year against
present 350,000 tons. In 2001 the Government of Armenia sold 100%
of the plant to Mikhail Bagdassarov for 415mln AMD ($756,000). The
plant was built in the 1960s. In 2006 the plant produced 198,000 tons
of cement, in 2007 - 12.1% more.