Announcement

Collapse
No announcement yet.

EBRD To Issue Armenia's Shen $5-$6 Mln Loan To Build Drywall Plant

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • EBRD To Issue Armenia's Shen $5-$6 Mln Loan To Build Drywall Plant

    EBRD TO ISSUE ARMENIA'S SHEN $5-$6 MLN LOAN TO BUILD DRYWALL PLANT

    Interfax News Agency
    Russia & CIS Business and Financial Newswire
    May 19, 2006 Friday 2:14 PM MSK

    The Yerevan-based Shen Concern, Armenia's largest producer of
    construction materials, plans to receive a $5-$6 million loan from the
    European Bank for Reconstruction and Development (EBRD), which owns a
    blocking stake in the company, for the construction of a drywall plant.

    This project will be considered at an EBRD shareholder's meeting in
    London at the end of June, Shen president Samvel Beglarian said.

    The project would then be discussed at the Shen annual shareholders
    meeting in Yerevan on July 9.

    At present, drywall is not produced in Armenia and is imported from
    Iran and partially from Russia. Armenia annually imports about 1
    million-1.5 million square meters of drywall for a total of $5 million,
    Shen said.

    To set up production, Shen intends to begin developing a gypsum field
    in Armenia. Beglarian expects the EBRD funds will be sufficient for
    the development of the field and the construction of the plant.

    Shen saw its sales grow a tentative 20%-25%, or by $300,000-$400,000,
    in 2005, he said.

    Shen Concern was set up in 1995. The EBRD has a 36% stake in the
    concern, while the remaining shares are distributed among various
    residents of Armenia.
Working...
X