COMMISSION ON PUBLIC SERVICES APPROVES OF THE SALE

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[05:18 pm] 14 November, 2006

The Commission on Public Service Control has approved the deal for
OTE’s selling its 90% stake in ArmenTel to VympelCom (Russia).

The representative of VympelCom, the candidate for ArmenTel general
director Oleg Bliznuk says that the deal will be finalized this week.

Bliznuk notes that VympelCom is negotiating with the Armenian
Government over the latter’s 10% stake in ArmenTel.

Reminder: Andranik Manoukyan, Minister of Transportation and
Communication, announced that RA Government is ready to sell the
10percent stake provided they refuse the right to monopoly.

By the way, VympelCom paid 341 million 888 thousand EUR to OTE for
the deal.