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ARMENIAN GOVT. TO SELL 10% IN ARMENTEL TO RUSSIA'S VIMPELCOM
RIA Novosti, Russia
March 22 2007
MOSCOW, March 22 (RIA Novosti) - Armenia's government said Thursday
it would sell its 10% stake in Armentel for 38 million euros ($48.9
million) to Russian mobile phone operator VimpelCom [RTS: VIMP],
making it the sole owner of the Armenian telecommunications group.
Last November, VimpelCom acquired 90% of Armentel's stock from Hellenic
Telecommunications Organization SA (OTE) for 341.9 million euros
($440 million).
A spokesmen for the Armenian government said the price quoted for the
10% stake accounts for one-ninth of the amount VimpelCom paid to the
Greek company for the 90% stake in Armentel.
The Armenian government first proposed selling the remainder to
VimpelCom last year, on condition that the company does not try to
monopolize the post-Soviet South Caucasus nation's telecoms market.
Under the deal, VimpelCom will also take on Armentel's debt, totaling
around 40 million euros ($51 million).
Armentel is Armenia's landline phone monopoly, which also offers
Internet connection to providers and end-users. In addition, it is
one of the two Armenian mobile phone operators, with about 400,000
subscribers across the country.
VimpelCom is Russia's second-largest mobile phone services provider,
best known for its Beeline brand. It also operates in the former Soviet
republics of Kazakhstan, Georgia, Tajikistan, Ukraine, and Uzbekistan.
RIA Novosti, Russia
March 22 2007
MOSCOW, March 22 (RIA Novosti) - Armenia's government said Thursday
it would sell its 10% stake in Armentel for 38 million euros ($48.9
million) to Russian mobile phone operator VimpelCom [RTS: VIMP],
making it the sole owner of the Armenian telecommunications group.
Last November, VimpelCom acquired 90% of Armentel's stock from Hellenic
Telecommunications Organization SA (OTE) for 341.9 million euros
($440 million).
A spokesmen for the Armenian government said the price quoted for the
10% stake accounts for one-ninth of the amount VimpelCom paid to the
Greek company for the 90% stake in Armentel.
The Armenian government first proposed selling the remainder to
VimpelCom last year, on condition that the company does not try to
monopolize the post-Soviet South Caucasus nation's telecoms market.
Under the deal, VimpelCom will also take on Armentel's debt, totaling
around 40 million euros ($51 million).
Armentel is Armenia's landline phone monopoly, which also offers
Internet connection to providers and end-users. In addition, it is
one of the two Armenian mobile phone operators, with about 400,000
subscribers across the country.
VimpelCom is Russia's second-largest mobile phone services provider,
best known for its Beeline brand. It also operates in the former Soviet
republics of Kazakhstan, Georgia, Tajikistan, Ukraine, and Uzbekistan.