VIMPELCOM HELPS ARMENIA RAISE PRIVATIZATION PROFITS MORE THAN FIVEFOLD IN 2007

Interfax News Agency
April 17 2008
Russia

The extent the Armenian budget profited from the privatization of
state-owned companies rose to 18.8 billion dram ($60.6 million) in
2007, which is five and a half times more than in 2006, deputy chief
of the Armenian governmental property management Ashot Markosian told
a briefing on Thursday.

In 2006, the Armenian budget received 3.4 billion Armenian dram
($10.9 million) from privatization, he said.

Such a sharp increase in privatization profits is the result of a
large last year deal, when 10% in the state-owned Armentel were sold
to Russia’s VimpelCom, he said.

On Thursday, the Armenian government approved the report on the
results of the privatization program for 2007, Markosian said. In
2007, 17 companies were privatized in the country compared to 12 in
2006. That includes 12 companies sold directly, three on a competitive
basis and two sold at auction.