Star supermarket chain to have new shareholder
Support A1+!Viest Assets Ltd., registered in the British Virgin Islands, will become the new shareholder of Star Divide CJSC, owner of Star supermarket chain in Armenia. Viest Assets will own 100% of Star's shares.
Talks with the chain's current shareholders have concluded. The parties are drawing up the legal documents.
During the coming 3 months, the new shareholder is committed to investing $5-10 million through capital and loans.
"The company's obligations to all suppliers remain in force. The company's directors will begin a new phase of talks with suppliers regarding maturity," said Star Executive Director Vahan Kerobyan.
No changes are expected in the supermarket's management staff. Development and expansion plans previously discussed and drawn up by the company will also remain unchanged. In 2011, Star will open another 12 stores in Yerevan and neighboring cities.
