SALE OF 90% OF ARMENTEL SHARES IS LIKELY TO COMPLETE IN LATE AUGUST

AZG Armenian Daily #139, 26/07/2006

Economy

It is expected that the sale of 90% of ArmenTel shares will be
completed in late August. OTE headquarter informed about this,
today. According to the source, the board of OTE company didn’t make
any official statements about the terms of the sale. "But there are
all grounds to suppose that the sales results will be known already
in end August," it stated. The Russian mass media informed that 90%
of ArmenTel shares will be sold to the Russian "AFK Sistema" and VTEL
Holdings / Knightsbridge Associates the international consortium.

By Ara Martirosian