Armenia’s Jermuk Group has purchased Georgian Pepsi production, Business Georgia reports.
The Jermuk Group is Armenia’s largest joint-stock company, founded in 1999. It produces mineral water. The Jermuk Group is the exclusive Pepsi-maker in Armenia. It is also the exclusive importer of Baltica and Pivo Bavaria beer products in Armenia. The company produces mineral water of the Kremlyovsky trading center, which supplies the Kremlin and other Russian state structures with mineral water.
The Georgian Pepsi office was selling 40-45% of its shares last year and was negotiating with Elsu. A new investor was introduced to finance a new investment project.
The European Reconstruction and Development Bank, Arab investor Ahmed Abdul Al Shafar, Iberia Group and Georgian individuals are shareholders in Iberia Refreshment.
Gigik Makaryan, Executive Director of the Armenian Businessmen's Alliance, said that the Armenian company expressed interest in the purchase 2-3 years ago.
Pepsi denies information on sales of shares to the Jermuk Group. They say that the Elsu off-shore company purchased part of the shares. They have been cooperating with the Jermuk Group since 2004 and use it to export products to the Armenian market.
