Epress.am News from Armenia
Viest Assets Ltd., registered in the British Virgin Islands, will become the new shareholder of Star Divide CJSC, owner of Star, the largest supermarket chain in Armenia. Viest Assets will own 100% of Star’s shares.
As reported by Star Divide, talks with the chain’s current shareholders have already concluded, while the legal documents are currently being drawn up. The legal documents are set to be finalized within a month.
“The company acquisition discussions were preceded by negotiations with creditor banks, as a result of which Star’s entire financial debt will be restructured,” said Star Executive Director Vahan Kerobyan.
During the coming 3 months, the new shareholder is committed to investing $5–10 million US through capital and loans.
“The company’s obligations to all suppliers remains in force; the company’s directors will begin a new phase of talks with suppliers regarding maturity,” he said.
The company, in its statement, notes that there won’t be any changes in the supermarket’s management staff as a result of the change of ownership. Development and expansion plans previously discussed and drawn up by the company will also remain unchanged. In 2011, Star will open an additional 12 stores in Yerevan and nearby cities.