Friday, May 6, 2011

BVI-registered company purchased shares of Armenian network of supermarkets

British Virgin Islands-registered company Viest Assets Ltd. purchased 100% shares of “STAR” supermarkets in Armenia. The BVI company is based on the Armenian capital but the owner of the company is not named.

Previously, one of the main shareholders of STAR have been European Bank of Reconstruction and Development (EBRD) with the share of 28.3%.

According to company's executive director, after re-branding the policy of the company will be changed, particularly the prices and service. The company plans to move from low-price to middle segment, and to open 10-12 new shops of STAR in Yerevan and the surrounding areas.

Currently the network of supermarkets STAR includes 18 shops. Company's turnover in 2010 was 18 billion drams.

Re-branding process will be completed by mid-2012.