"ARMENTEL" IS OFFICIALLY NOT SOLD

A1+
[05:11 pm] 01 November, 2006

The RA Ministry of Transport and Communication has not received a
corresponding document from Greek company OTE about the sale of 90%
of the shares of "ArmenTel", press secretary of the Ministry Tamara
Ghalechyan informed.

Let us remind you that on October 12 RA Minister of Transport and
Communication Andranik Manoukyan informed that OTE will probably
represent the corresponding documents in mid October. According to
him, the Greek company must officially inform about the results of
the competition.

It is noteworthy that the OTE declared an auction in order to sell
90% of the share of "ArmenTel". 16 companies have participated
in the auction. The companies which reached the second phase are:
"Vympelcom" and MTC from Russia, ETISALAT (Emirates Telecommunications
Corporation/Istithmar ETV -Emergent Telecom Ventures) and VTEL
Holdings/Knightsbridge Associates.