Hrazdan Cement Plant gets new owner – media

Hrazdan Cement Plant gets new owner – media

Hrazdan Cement plant has got a new owner, the Zhoghovurd  newspaper reported.

According to the media report, the plant was soled to the Hrazdan Cement Corporation established in December 19, 2017 by GM Holding. 

The newspaper, referring to its own sources, says that GM Holding is owned by Arsen Mikaelyan, chairman of Armbusinessbank CJSC board, which belongs to billionaire Vitaly Grigoryants, born in Karabakh, who lives in Russia. 

According to the newspaper, after the purchase-sale transaction investments have been made and the plant started operating.

Hrazdan Cement CJSC has numerous accumulated debts, and its property has been pledged at VTB Bank (Armenia), which later became the full-right owner of the company.  

The plant was coming close to bankruptcy because of the accumulated debts, and in 2016, the parliament decided to rid it of fines, which had been accumulated because of delayed tax and social payments, to save it, ARKA reported.

The plant is located in Hrazdan and equipped with two technologic lines able to produce 1.2 million tons of cement and 1 million tons of clinker a year.

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