Russia-based Armenian businessmen are said to be poised to buy Mika Cement plant, according to the Zhghovurd newspaper.

The cement plant was owned by Mikhail Baghdasarov but was mortgaged to VTB Armenia Bank last November having been pronounced bankrupt in June 2013. Serob Sharoyan, the plant's technical department manager, is expected to be appointed the new director of Mika Cement, said the local paper.