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Armenian government surrenders preemption right to purchase of 90% of Armentel shares

Armenia Materials 14 November 2006 15:57 (UTC +04:00)

(ARKA) - The RA Government surrendered its preemption right to the purchase of 90% of shares of the ArmenTel Company - 169,539,381 shares for EUR 341,888,105.

The Greek OTE Company purchased 90% of ArmenTel shares for $142.5mln and later invested up to $300mln in the company. The rest 10% of the shares are held by the RA Government, reports Trend.

On November 8, 2006, RA Minister of Transport and Communication Andranik Manukyan stated the RA Government's intention to sell 10% of ArmenTel shares to the Russian "Vympelcom" company in exchange for relinquishment of telecommunication monopoly in Armenia.

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