Government considers selling its remaining 10% in ArmenTel to VimpelCom

9 Nov 2006

The Armenian government is considering selling its remaining 10% stake in its national operator ArmenTel to VimpelCom, if the Russian company agrees to the end of the company’s monopoly in the local telecoms market. Last week VimpelCom agreed to buy Hellenic Telecommunications Organisation (OTE) of Greece’s 90% stake in ArmenTel for USD436.3 million plus about USD51 million in debt. Yesterday, the Minister of Transport and Communication Andranik Manukian, who is managing the sale, said the state would not object to the Russian firm buying the remaining interest if it agreed to remove the monopolies currently enjoyed by the PTO.