EX-PRIME MINISTER OF ARMENIA WELCOMES TRANSACTION ON SALE OF 90PCT STAKE IN ARMENTEL TO RUSSIAN VIMPELCOM
ArmInfo News Agency, Armenia
Nov 6 2006
"I welcome this transaction and I am very glad that just a Russian
company has become the owner of the telecommunication operator of
Armenia," said Armen Darbinyan, the ex-prime minister of Armenia,
Rector of Russian Armenian (Slavonic) University, commenting on sale
of 90pct stake in ArmenTel to Russian VimpelCom.
"I know that VimpelCom is a serious company introducing modern
principles of management. I wish it success in the Armenian market,"
A. Darbinyan said. He expressed regret that in 1998 when Armenia set
ArmenTel for sale, there were no Russian companies to apply for it.
It was probably because the process of initial accumulation of capital
and "distribution" of Russian assets was not over then, A. Darbinyan
supposed. "Approximately in 2001, leading Russian companies started
an active search of additional investment projects, first of all,
in CIS. Of course, the price of this stake was not the same as in
2001, however, Russian companies are ready to pay for expansion,
which is pleasant."
To recap, the Greek OTE announced about an agreement on sale of 90pct
stake in Armenia to the Russian Vimpel Communications for $381.9
million, including about $40 million financial debts and liabilities
of the company. VimpelCom Vice President for International Investment
Ties Valery Goldin said the company intends to make investments in
improvement of the subscribers net and communication level in Armenia
to meet the Russian standards. High quality standard of the net is
the prior task of the company, he said. The given task applies to
the quality of the technical net, expansion of the service zone to
meet the demand of consumers, development of distribution net and the
payment system, V. Goldin said. Speaking of possible difficulties of
the Greek company in the work in the Armenian market, V. Goldin said
the specifics of the work in the post-Soviet countries is identical.
While, VimpelCom has got relevant experience in the Ukraine,
Kazakhstan, Uzbekistan and Tajikistan. "It seems to us that we’ll
not have big problems in the Armenian market," he said with optimism.
