EASTBUSINESS.ORG
March 23, 2007 Friday 2:09 PM (Central European Time)
VimpelCom to Take over Armenian Armentel
Russia’s second largest mobile operator VimpelCom is set to purchase
10 per cent of the shares of Armenia’s Armentel to become
100-per-cent owner of the company, the Armenian government said.
The state valued its 10-per-cent stake in the company at EUR 38
million.
At present, VimpelCom controls 90 per cent of the company’s shares
which it bought from Hellenic Telecommunications Organisation SA
(OTE) for EUR 341.9 million last year.
The clauses of the deal include the incorporation of Armentel’s debt,
which stands at some EUR 40 million.
Armentel is the sole fixed-line operator in Armenia and also offers
mobile services to some 400,000 customers.
Apart from being the second placed mobile operator in Russia,
VimpelCom is also active on the markets of Kazakhstan, Georgia,
Tajikistan, Ukraine, and Uzbekistan.