Buyer of HayFilm Pledges To Invest 30 Bln Drams

[Siamanto]

HAYFILM SOLD TO ARMENIASTUDIOUS FOR 350 MLN DRAMS

YEREVAN, AUGUST 11, NOYAN TAPAN. Armeniastudios CJSC, 100% of whose
shares belongs to the television company Armenia, was announced the
winner of the tender for alienating the property of the Hayfilm Studio
after Hamo Beknazarian. Summarizing the tender results on August 11,
Chairman of the Tender Commission, Head of the State Property
Management Department Ashot Markosian stated that that the company met
the tender requirements, in particular it offered 350 mln drams (795
thousand USD), which exceeds the minimum price by about 83 mln drams,
and pledged to make investments of 30 bln drams within the next 10
years. According to the president of the television company Armenia
Bagrat Sargsian who represented the company's interests, major repairs
of the building and its furnishing, as well as installation of modern
equipment will be done over the next two years. It is also envisaged
to restore all the films kept in Hayfilm's storehouses within a year.

http://groong.usc.edu/news/msg120337.html

[Siamanto]

"ARMENFILM" TO BE COMPLETELY REPAIRED WITHIN 2 YEARS

YEREVAN, August 12. /ARKA/. The "Armenfilm" studio will be completely
repaired and brought to conformity with international standards within
two years, the new Armenfilm owner, President of the CS MEDIA CITY
holding Bagrat Sargsyan told reporters. "We will install up-to-date
equipment at Armenfilm, which will allow the viewers to see all the
films shot by the studio in restored or digital versions," Sargsyan
said. According to him, film production will be possible as well.
Sargsyan reported that most of the studio staff members will take
retraining courses in Armenia and abroad. "`Armenfilm' is not only a
film studio, but also the embodiment of traditions of Armenian
cinema," he said. Sargsyan stressed that al traditions of Armenian
cinema will be upheld despite technical re-equipment of the studio.
Responding to a question about the principal share-holder of the SC
MEDIA CITY holding, Sargsyan said that the holding is owned by Gerard
Cafesjian and the Sargsyan family, ruling out the possibility of two
share-holders.

The "Armenfilm" studio has been sold for AMD 350mln to the "Armenio
Studios" CJSC, which is part of the "CS MEDIA CITY" holding. P.T. -0--

http://groong.usc.edu/news/msg120297.html