LEADING SHAREHOLDER CJSC “UCS-ZVEZDA” DECIDED TO SELL HIS SHARE IN COMPANY

YEREVAN, AUGUST 17. ARMINFO. Leading shareholder, Chairman of the
Board of Shareholders of the CJSC “UCS-Zvezda” Aghasi Yesayan decided
to withdraw from the staff of the company’s shareholders and to sale
his share. “OCS-Zvezda” informs ARMINFO.

Yesayan’s share in the company is not mentioned. He refrained
from comments regarding the reasons that made him go on such
step. At the same time, he expressed readiness to give necessary
explanations “after the above issue is finally settled.” The company’s
press-service supposes that such decisive acts are connected with
the failure when entering the telecommunication market of Armenia
as a mobile communication operator. According to the existing data,
it was Yesayan that planned to attract 60 mln EUR investments for
implementation of this project in Armenia. An agreement on financing
of a business-project was concluded with one of the first class banks
of Europe. Mow, these funds are most likely to be used to implement
telecommunication projects in EU member-states in agreement with
the bank.

It should be noted that the Armenian-Russian-American transnational
CJSC “United Communication Systems -Zvezda” yet in the middle of 2004
started launching a modern land station of satellite communication
in Armenia and planned to get a license for provision of mobile
communication services in Armenia. The company’s leadership has always
hidden the staff of shareholders from the press, which aroused distrust
in the plans of this enterprise.