RA GOVERNMENT WON’T BUY 90% ARMENTEL STOCKS

PanARMENIAN.Net
09.11.2006 18:14 GMT+04:00

/PanARMENIAN.Net/ During a recurrent sitting on November 9 the Armenian
government decreed to refuse from purchasing 90% of ArmenTel stocks
belonging to OTE Greek company for 341.9 million euros. As reported
by the RA government’s press office, the decision was taken on the
basis of ArmenTel’s regulations, the law "On Joint Stock Companies"
and agreements concluded between the RA government and ArmenTel.

To note, on November 3 VympelCom Russian company announced of the
agreement concluded with OTE on the purchase of ArmenTel’s 90%
package. The Armenian government, the holder of 10% of the stocks
should give consent on selling of the package to the company that
won the tender. The RA government is also ready to sell its 10%
package in case ArmentTel’s new owner refuses from monopoly rights,
reports IA Regnum.