VYMPELCOME BECOMES 100% OWNER OF ARMENTEL
Arka News Agency, Armenia
April 19 2007
YEREVAN, April 19. /ARKA/. Russian Vympelcom (Beeline trade mark)
has bought 10% of ArmenTel’s stakes from Armenian government for EUR
38.6mln, RIA Novosti says referring to the Russian operator’s report.
After buying the state-owned 10% Vympelcom became the owner of 100%
of ArmenTel’s shares. The amount paid for 10% made one-ninth of the
sum paid for 90% bought in November 2006.
In addition, Vympelcom will pay 10% of ArmenTel’s not distributed
net profit for a period between 90% and 10% acquisition.
Vypmelcom bought 90% form Greek Hellenic Telecommunications
Organization (OTE) for EUR 341.9mln in November 2006 and assumed
commitments worth 40 million.
One of the tender’s conditions was renunciation of monopoly in Armenian
telecommunication market.
ArmenTel enjoys monopoly on stationary telecommunication and internet
services as well as one of hem country’s two mobile operators (GSM
900 and CDMA standards).
ArmenTel had some 608.5hnd stationary and 452 mobile telecommunication
subscribers by late 2006.