Hrazdan Cement restarts production under Russian ownership

Armenia's Hrazdan Cement Corp is operating again and has been bought by GM Holding, which is under Russian ownership.

Zhoghovurd (People) newspaper, reports 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 were made in December 2017, the Armenian cement plant has 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, says Akra News Agency. 

The plant is located in the town of Hrazdan on the territory of 540,000m². The plant is equipped with two production lines with 1.2Mta and 1Mta of clinker capacity.