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ARMENIAN GOVERNMENT ALLOCATES OVER $0.5MLN FOR CAPITAL FINANCING OF HERBAL TEA PRODUCER
ARKA
Feb 5, 2009
YEREVAN, February 5. /ARKA/. The RA Government allocated 161mln AMD
(about $527,000) for the financing of capital of the Mega Ararat
Company (Vaiots Dzor region, Armenia), which produces herbal teas.
At the RA Government's sitting today Minister of Economy Nerses
Yeritsyan reported that this credit is an example of assistance
to small and medium-sized enterprises under the programs of the RA
President and of the RA Government.
He said that the crediting implies business assessment, reforms
of the company's legal and organizational management, issuance of
securities, replenishment of capital due to the Government's share,
formation of a new board in conformity with international corporate
management standards.
Ishkhan Karapetyan, Executive Director of the National Center for
Small and Medium Business, pointed out that the Mega Ararat Company
produces six herbal teas, including thyme, mint, rosehip and haw teas.
"The company plans to create over 50 jobs and employ over 100 families
in herb picking. The company plans to export 905 of its products to
Russia and, after being certified, to Europe," Karapetyan said.
He said that Mega Ararat will become a stock corporation as the
Government will purchase 161mln AMD shares of the company. The company
will develop its business, and the Government will improve its 0D
management and introduce a new business culture.
"Investments will be made for five years. Thereafter the company will
receive an offer to share in business considering the prospects for
development," Karapetyan said. According to him, the company needs
50 tons of herbs for five years.
Karapetyan also reported that the company is considering the
possibility of opening its branch in Nagorno-Karabakh.
He said that the evaluation of the company in progress. The experts
consider not only its financial assets, but also good reputation and
brand awareness.
The RA Premier said that the Government assumed responsibility for
public supervision of anti-crisis measures.
ARKA
Feb 5, 2009
YEREVAN, February 5. /ARKA/. The RA Government allocated 161mln AMD
(about $527,000) for the financing of capital of the Mega Ararat
Company (Vaiots Dzor region, Armenia), which produces herbal teas.
At the RA Government's sitting today Minister of Economy Nerses
Yeritsyan reported that this credit is an example of assistance
to small and medium-sized enterprises under the programs of the RA
President and of the RA Government.
He said that the crediting implies business assessment, reforms
of the company's legal and organizational management, issuance of
securities, replenishment of capital due to the Government's share,
formation of a new board in conformity with international corporate
management standards.
Ishkhan Karapetyan, Executive Director of the National Center for
Small and Medium Business, pointed out that the Mega Ararat Company
produces six herbal teas, including thyme, mint, rosehip and haw teas.
"The company plans to create over 50 jobs and employ over 100 families
in herb picking. The company plans to export 905 of its products to
Russia and, after being certified, to Europe," Karapetyan said.
He said that Mega Ararat will become a stock corporation as the
Government will purchase 161mln AMD shares of the company. The company
will develop its business, and the Government will improve its 0D
management and introduce a new business culture.
"Investments will be made for five years. Thereafter the company will
receive an offer to share in business considering the prospects for
development," Karapetyan said. According to him, the company needs
50 tons of herbs for five years.
Karapetyan also reported that the company is considering the
possibility of opening its branch in Nagorno-Karabakh.
He said that the evaluation of the company in progress. The experts
consider not only its financial assets, but also good reputation and
brand awareness.
The RA Premier said that the Government assumed responsibility for
public supervision of anti-crisis measures.