FOR THE TIME PRESENT VYMPELKOM INTENDS TO ACQUIRE NEITHER VAVACEll’S
SHARES NOR ARMENIAN GOVERNMENT’S STAKE OF ARMENTEL

YEREVAN, MARCH 27, NOYAN TAPAN. The information that Vympelkom company
(Russia) – the owner of ArmenTel is conducting negotiations with
VicaCell company, the second mobile phone communication operator in
Armenia, with the aim of acquiring VivaCell’s shares does not
correspond to reality. Hasmik Chutilian, Head of ArmenTel’s PR
Department, told this to NT correspondent. As regards the recent
decision of the Armenian government on privatization of 10% of
ArmenTel shares to Vympelkom, H. Chutilian noted that although
Vympelkom announced its intention to acquire these shares, it has not
yet made a final decision about it. To recap, Vymplekom company
purchased 90% of ArmenTel shares – the property of the Greek company
OTE for 342 million euros. The Armenian government has decided to sell
10% stake representing its property for 1.9th of this sum. As for
ArmenTel’s monopoly in the telecommunication sector, Vympelkom is
going to renounce this monopoly gradually in accordance with a
schedule announced beforehand.