ACCORDING TO UNOFFICIAL INFORMATION, ARMENTEL SOLD TO ARAB CONSORTIUM

Noyan Tapan News Agency, Armenia
Oct 10 2006

YEREVAN, OCTOBER 10, NOYAN TAPAN. 90% of shares of the
telecommunication company ArmenTel that belong to OTE company (Greece)
have been sold to the Arab consortium Emirates Telecomminications
Corporation (ETISALAT)/ Istithmar PJSC/Emergent Telecom Venures
(ETV) for 600 million USD. The news agency Regnum reported that
this information was neither confirmed nor refuted by ArmeTel
itself. According to spokeswoman for ArmenTel Hasmik Chutilian, she
has no information about the winner of the international tender. In the
words of spkeswoman for the RA Ministry of Transport and Communication
Tamara Galechian, the minsiter is away on a business trip so she can’t
get any information about the new owner of 90% of ArmenTel’s shares.

It is worth mentioning that last year OTE announced a tender for
sale of 90% of ArmenTel’s shares. 16 companies participated in
the tender, with the Russian companies VympelKom and MTC, as well
companies ETISALAT (Emirates Telecommunications Corporation/Istithmar
ETV/Emergent Telecom Ventures) and VTEL Holdings/Knightsbridge
Associated reaching the second stage of the tender.

To recap, in 1997 OTE acquired 90% of shares of the telecommunication
company ArmenTel for 142.47 million USD through an international
tender. 10% of ArmenTel’s shares belong to the Armenian government.

Recently the RA Minister of Transport and Communication Andranik
Margarian stated that the purchaser of ArmenTel’s shares must waive
the right of monopoly on a number of activities, and the companies
intending to acquire the company’s shares agreed with this requirement.

From: Emil Lazarian | Ararat NewsPress