MICHAEL BAGDASAROV HAS NOT PLANS TO SELL STOCK OF ARMAVIA

Panorama.am
15:19 07/11/06

Michael Bagdasarov, head of Mika Ltd., refuted rumors that he is
going to sell the shares of Armavia air company. However, Bagdasarov
said he is going to sell 30% of his shares at VTB Armenia Bank. VTB
Armenia is former Armenian Saving Bank which is currently owned by
Russian Vneshtorgbank. Bagdasarov disapproves the policy of the present
management saying regional offices have started to suffer losses. He
said that was the reason for his decision to sell his shares.