ArmenTel has not been sold – it’s official

2 Nov 2006

A spokesperson for Armenia’s Ministry of Transport and Communication says it has not received any official confirmation from OTE of Greece concerning the sale of its 90% stake in national PTO ArmenTel. Tamara Ghalechyan, press secretary to the Ministry, confirmed the operator had not been sold following recent press rumours which suggested the stake had been purchased by UAE-based operator Etisalat. The Russian Kommersant newspaper, citing a source close to the Armenian government, reported that a consortium led by Etisalat, and including investment fund Istithmar, had agreed to pay OTE USD600 million for its stake in ArmenTel. The source said that the consortium won the tender earlier this year, beating off rival bids from Russian companies AFK Sistema and VimpelCom, and a consortium of VTEL Holdings and Knightsbridge Associates. Etisalat has denied the rumour.