RUSSIA’S VIMPELCOM GETS FULL CONTROL OF ARMENTEL
Prime-Tass Business News Agency, Russia
April 19, 2007 Thursday 11:53 AM EET
MOSCOW, April 19 (Prime-Tass) – Russian mobile company VimpelCom
has gained full control of Armenian telecom operator ArmenTel
after acquiring a 10% stake in the operator from the government of
Armenia for 38.6 million euros, VimpelCom said in a press release
late Wednesday.
Russia’s second biggest mobile company has also agreed to pay an
additional amount equal to 10% of ArmenTel’s retained net profit for
the period between November 2006 and April.
In November 2006, VimpelCom bought 90% in the operator from
Greece-based Hellenic Telecommunications Organization for 341.9
million euros, and assumed ArmenTel’s debt of about 40 million euros.
ArmenTel is a fixed-line and mobile operator in Armenia with licenses
in the GSM 900 and CDMA standards. ArmenTel’s subscriber base
includes approximately 608,500 fixed-line subscribers and 452,000
mobile subscribers.