OTE invests $216 million in Armenian telecoms

OTE invests $216 million in Armenian telecoms

Interfax
May 25 2004

Yerevan. (Interfax) – Greece’s OTE has invested $216 million in
developing the telecommunications network in Armenia and does not plan
to leave the Armenian market, Georgios Vasilakis, acting executive
director of Armenian national operator ZAO Armentel, in which OTE
has a 90% stake, said on Monday.

He said that the company will continue to work in Armenia after the
company’s monopoly on mobile communications and external Internet
services is restricted on June 30, following a government ruling.

“How can we leave the Armenian market if $150 million has been paid
for Armentel shares and another $216 million has been subsequently
invested,” he said.