10% of ArmenTel Shares Passed to Management of Minister Communication of Armenia

PanARMENIAN.Net
03.11.2006 15:10 GMT+04:00

/PanARMENIAN.Net/ During a session yesterday the Armenian Government
passed the authorities on management of 10% of shares of ArmenTel
telecommunication company, held by the Government, to Minister of
Transport and Communication Andranik Manukyan, reports the Press
Office of the Government.

The decision is adopted by the Armenian Government in compliance with
the Law on Joint-Stock Companies.

ArmenTel is the major telecommunication company of Armenia. 90% of
its shares are held by OTE Greek company, while the Government has
10%. This year OTE announced a tender to sell its shares. 16 companies
took part in it. Russian VimpelCom and MTC, as well as ETISALAT
(Emirates Telecommunications Corporation/Istithmar ETV -Emergent
Telecom Ventures) VTEL Holdings/Knightsbridge Associates passed to the
second round of the tender, the results of which are not announced yet.