OTE RECEIVES OFFERS FOR ITS 90% STAKE IN ARMENTEL

Armenpress
Jun 22 2006

ATHENS, JUNE 22, ARMENPRESS: The Hellenic Telecommunications
Organization (OTE), the full-service telecommunications provider,
told Armenpress today it received a total of 10 non-binding offers for
its 90% stake in ArmenTel, the incumbent telecommunications operator
in Armenia.

OTE said after reviewing the bids, it has invited the following
parties to participate in the next phase of the sale process: Russian
Vimpelcom and Mobile Telesystems (MTS), as well as the consortium of
Emirates Telecommunications Corporation (ETISALAT) / Istithmar PJSC
/Emergent Telecom Ventures (ETV) and the VTEL Holdings / Knightsbridge
Associates.

OTE could not say when exactly the next phase of the sale process
may take place saying preparations for it may take weeks.