ARMENTEL TO BUILD NEW TELEPHONE USERS SYSTEM IN GYUMRI
ARMENPRESS
Apr 27 2007
YEREVAN, APRIL 27, ARMENPRESS: ArmenTel telephone operator said
yesterday it has launched construction of a modern telephone subscriber
system in Armenia’s second largest town of Gyumri in the northwestern
province of Shirak. The Russia-owned company described this project as
‘strategic,’ saying it will embrace over 20,000 fixed telephone users.
A press release by the company said the upgraded system will allow
city residents to make use of modern communications services. The
project will be accomplished in two stages-the first will end by the
end of this year with construction of the system and a year later a
modern Alcatel system will be commissioned to allow servicing 32,000
subscribers.
Russian Vimpelcom announced earlier this month the closing of
the transaction to acquire 10% of the shares of ArmenTel from the
government of Armenia to raise its equity holding in the company
to 100%.
The Russian firm paid approximately EUR38.6 million for the outstanding
shares, constituting one-ninth of the final price paid by Vimpelcom
for the other 90%, acquired in November 2006. In addition, the Russian
cellco will pay an amount representing 10% of the retained net profit
of ArmenTel for the interim period November 2006 – April 2007.
ArmenTel holds the exclusive right in fixed telephone services and
has also about 400,000 mobile phone subscribers.
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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