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Next Store Chain

Armenia | Consumer Staples

Identification Code:: OP/10/0791
Total Operation Cost:: 3.700.000 USD
Maturity:: 60 months
Operation Status:: BSTDB Approved Amount – Approval Date

3.000.000 USD – 23 Jul 2010
: BSTDB Signed Amount – Signed Date

3.000.000 USD – 01 Sep 2010
: Status:
Completed
Description and Purpose of the Operation:: Provision of debt financing to "SAS Group LLC", (Armenia) for implementation of an investment program involving the construction and operation of 2 Next clothing stores in Tbilisi, Republic of Georgia.
Countries of Operation:: Armenia (100,00%)
Financial Product:: Loans
Sector:: Consumer Staples
Domain:: Private
Borrower/Client:: SAS-Group LLC is a limited liability company registered in Yerevan in 1998 and owned by the Sargsyan brothers.
Co-Financers/Participants:: —
Guarantors/Sponsors:: —
Developmental and Regional Cooperation Impact:: BSTDB's loan will support a cross-border investment of a private Armenian company in Georgia and from this perspective corresponds to the political mandate of the Bank. The Operation is expected to generate a significant positive effect in terms of creating new job opportunities and establishing of new sources of budget revenues for the Georgia Authorities in the form of direct and indirect taxes.
Environmental Classification and Impact:: Construction and operation of the two clothing stores is not likely to generate any significant negative Environmental, Health & Safety (EH&S) impacts. The Borrower will need to consider the potential liabilities arising from any past use of site, which could generate any soil/groundwater contamination; fully observe the local construction standards and rules for buildings of commercial use, specifically paying attention to fire safety preventive and protective measures, ensuring adequate ventilation and in-door air quality, and energy efficiency in terms of using construction materials with adequate insulation properties, pipe insulation, energy efficient lightning, control of heating level, etc.
Operation Leader:: General Industries, Transport, Tourism 1
E-mail:: gitt1@bstdb.org