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DESPITE RUMORS, ARZNI GROUP CONTINUES ITS PRODUCTION ACTIVITIES
by Elita Babayan
http://www.arminfo.am/index.cfm?objectid=26335260-F925-11E2-94D30EB7C0D21663
Tuesday, July 30, 18:34
Despite the media reports that the business of Armenian entrepreneur,
Arzni Group owner Gevorg Afandyan is stagnating, Arzni Group continues
its production activities and has reduced its output to a small extent
only. Alik Khachikyan, Chief Financial Officer at Arzni Group, has
told ArmInfo that Arzni Group (Byurakn LLC) keeps on producing mineral
water under the AYG brand, as well as the PAPA CARLO lemonade. The
company's output has dropped by 5% over year. Khachikyan has not
specified the financial indices of the company.
According to Khachikyan, the company continues exporting its products
to Russia. The factory has recently delivered its mineral water to
Belarus as well.
To note, Arzni Group also includes well-known brands such as
Segafredo, AG Electronics, AG Print, KFC, Vita Spa. Khachikyan has
not commented on the situation with the given brands due to the lack
of information. In 2011 Arzni Group acquired the STAR trade chain,
which was in a difficult financial state, and hoped to give a fresh
impetus to its work, however, according to unspecified data, this
asset was later disposed.
To recall, Gevorg Afandyan is reported to owe a big sum to several
banks. The proceeding on this issue lasted a few months and was over in
May 2013. The court ruled confiscation of the businessman's property.
A reliable source has told ArmInfo that Arzni Group is still
stagnating. The company has found itself at the verge of bankruptcy
due to incompetent management that led to embezzlement. "Over the last
few months the leadership of the company has been trying to improve
the internal situation, but any attempts led to new embezzlement and
negligence of the constantly changing directors", the source says. As
a result, the company's staff has considerably shrunk since early
2013. The employees were discontent with their wages and constant
back pays.
The source also says that Arzni Group has recently planned to acquire
ArmElectromash Plant and to launch its central office in the area of
the plant.
by Elita Babayan
http://www.arminfo.am/index.cfm?objectid=26335260-F925-11E2-94D30EB7C0D21663
Tuesday, July 30, 18:34
Despite the media reports that the business of Armenian entrepreneur,
Arzni Group owner Gevorg Afandyan is stagnating, Arzni Group continues
its production activities and has reduced its output to a small extent
only. Alik Khachikyan, Chief Financial Officer at Arzni Group, has
told ArmInfo that Arzni Group (Byurakn LLC) keeps on producing mineral
water under the AYG brand, as well as the PAPA CARLO lemonade. The
company's output has dropped by 5% over year. Khachikyan has not
specified the financial indices of the company.
According to Khachikyan, the company continues exporting its products
to Russia. The factory has recently delivered its mineral water to
Belarus as well.
To note, Arzni Group also includes well-known brands such as
Segafredo, AG Electronics, AG Print, KFC, Vita Spa. Khachikyan has
not commented on the situation with the given brands due to the lack
of information. In 2011 Arzni Group acquired the STAR trade chain,
which was in a difficult financial state, and hoped to give a fresh
impetus to its work, however, according to unspecified data, this
asset was later disposed.
To recall, Gevorg Afandyan is reported to owe a big sum to several
banks. The proceeding on this issue lasted a few months and was over in
May 2013. The court ruled confiscation of the businessman's property.
A reliable source has told ArmInfo that Arzni Group is still
stagnating. The company has found itself at the verge of bankruptcy
due to incompetent management that led to embezzlement. "Over the last
few months the leadership of the company has been trying to improve
the internal situation, but any attempts led to new embezzlement and
negligence of the constantly changing directors", the source says. As
a result, the company's staff has considerably shrunk since early
2013. The employees were discontent with their wages and constant
back pays.
The source also says that Arzni Group has recently planned to acquire
ArmElectromash Plant and to launch its central office in the area of
the plant.