Armavia says new shareholder’s name business secret

October 17, 2012 - 15:54 AMT

PanARMENIAN.Net - Armenian national carrier Armavia has refused to reveal the name of the new shareholder of the company.

“That’s a business secret. We will announce the name when the time comes,” the company’s representative told a PanARMENIAN.Net reporter, conditioning the suspension of Zvartnots airport’s services to Armavia by the airport’s disapproval of the new shareholder.

Meanwhile, Zvartnots noted Armavia’s debts as the main reason behind the airport’s decision to halt servicing of the air company flights. The amount of Armavia’s debt exceeded the sum agreed on for over $1 million, bringing the total debt to $3,360 million.

As Armenian media outlets reported earlier, either owner of Zvartnots airport, Argentinean Armenian entrepreneur Eduardo Eurnekian, or Armenian president’s son-in-law Mikael Minasyan planned to purchase Armavia.

However, Eurnekian denied the rumors later. “I have no intention to buy Armavia,” he said.