YEREVAN, May 11. /ARKA/. Mikhail Bagdasarov, a well-known entrepreneur, has sold his ISG insurance company to RASCO insurance company.

Grikor Ayvazyan, deputy director of the RASCO, said after confirming this information that the handover of ISG company’s insurance portfolio and liabilities to RASCO is under way now.

He said that the deal was sealed after negotiations.

“The central bank gave its preliminary permission for handover of ISG company’s portfolio, and the final deal will be registered after ultimate negotiations with preserving the norms set by the Central Bank of Armenia,” Ayvazyan said.

The ISG Ltd engaged mainly in insuring air carriages.

The company was registered on December 25, 2007. Its authorized capital amounts to AMD 1136 million.
The company’s assets totaled AMD 1.7 billion and liabilities AMD 610.1 million in late December 2010.
Its net profit for the second half of 2010 amounted to AMD 146.3 million.

RASCO Ltd was established on August 30, 2004. REGION investment and financial corporation holds 94.83% of the company’s shares.

RASCO company’s authorized capital amounts to AMD 968 million.

Its assets totaled AMD 2.2 billion and liabilities AMD 624.7 million in late December 2010. Its total capital exceeds AMD 1.5 billion.

The company sustained losses of AMD 13.9 million in the second half of 2010. ($1 = AMD 372.24). --0---