N e w s

JSC "Shogakn" needs to be privatized, said President of Armenia Robert Kocharyan after visiting Diamond Company of Armenia (DCA). He expressed an opinion that the diamond processing industry should not be the state's responsibility. "We have a suggestion we believe to be reasonable and the issue should be regulated as soon as possible", noted President. He did not comment on the financial side of the issue saying that "in such kind of transactions the cost is not the most important factor". According to him, of primary importance are the investment project, volume of production, number of work places, average wage and etc. As previously said by the Minister of Industry and Trade Karen Chshmatityan, the issue of "Shogakn" will be regulated in 2000. An Israel company LLD is now in talks on buying the state JSC "Shogakn". In case of purchase LLD Company is going to realize a three-year investment project resulting in the plant's operating to the fullest capacity. The project investment cost might be up to $2 million.

Source: Finmarket