YEREVAN, May 12. /ARKA/. Well-known entrepreneur Mikhail Baghdasarov denied the information of selling the insurance company “A.S.G.” of the company “Rasco” owned by him, writes the newspaper “Hayots Ashkhar” (Armenian World).

“Rating of national airline - the company “Armavia” increased and insurance now is implemented in English language. That is why there is no need to have an Armenian company. We just closed it but not sold”, said Baghdasarov.

He explained that “A.S.G.” Ltd. “had not large insurance portfolio” which was transferred to “Rasco” Ltd. due to its closure. There are more insurance companies in the Armenian market, than subjects due to insurance.

Earlier, Deputy Director of “Rasco” Ltd. Grigor Ayvazyan said that insurance portfolio and liabilities of the company “A.S.G.” are in the phase of transferring to “Rasco” Ltd.

“Central Bank of Armenia gave preliminary permission for the transfer of “A.S.G.” portfolio. The final deal will be made by the results of negotiations maintaining the normatives defined by CBA”, said Ayvazyan.

“A.S.G.” Ltd. belonging to Baghdasarov mainly dealt with insurance risks of air transportation. It was registered on December 25, 2007. Charter capital of the company is 1136 million drams. As of December 31, 2010, the assets of the company were about 1.7 billion drams, total liabilities – 610.1 million drams, total capital – about 1.1 billion drams. Net income in the second quarter of 2010 was 146.3 million drams.

“Rasco” Ltd. was established on August 30, 2004. Currently, the main shareholder of the company is CJSC Investment-Financial Corporation “REGION” with the share of 94.83%. Charter capital of the company is 968 million drams. As of December 31, 2010, the assets of the company were about 2.2 billion drams, total liabilities – 624.7 million drams, total capital - over 1.5 billion drams. Losses of the company in the second quarter were 13.9 million drams. ($1 – 372.24 drams).-0-