YEREVAN (Armenpress)–State property minister David Vardanian told Armenpress that the government has decided to sell the entire amount of shares of the Ararat winery located in Russia’s Saint Petersburg. This puts an end to the controversial issue that brought about numerous complaints of the French Pernod Ricard–the owner of the Yerevan Brand Company that was demanding to stop production of Armenian brandy in Russia–as it was one of the provisions of the Yerevan Brand Company takeover agreement.
The winery will be sold to an Armenian-Russian joint venture YerPetConcern. The buyer will pay $300,000 and will purchase 2,000 tons of grapes from Armenia annually. "The decision will undoubtedly be welcomed by the Yerevan Brand Company," Vardanian said.
The decision will come into force only after it is endorsed by the Armenian President who is expected to approve it later this month.