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Ministry says H1 investments in Armenia's telecoms up 40%

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  • Ministry says H1 investments in Armenia's telecoms up 40%

    Ministry says H1 investments in Armenia's telecoms up 40%

    Prime-Tass English-language Business Newswire
    September 7, 2004

    YEREVAN, Sept 7 (Prime-Tass) -- Investment into the telecommunications
    sector in Armenia rose over 40% on the year in January-June to
    U.S. USD 41.5 million, the Economic Development and Trade Minister
    Tigran Davtyan told reporters Tuesday.

    Of the total, direct investments amounted to USD 21 million,
    Davtyan said.

    The major investor in the sector was Greece's Telecommunications
    Organization (OTE), he also said adding that the company continues
    to invest in the sector.

    "The increase of OTE's investments testifies that the company is ready
    for the fact that ArmenTel will not keep its monopoly in the Armenian
    telecommunications sector for a long period of time," Davtyan said.

    ArmenTel is an Armenian telecommunications company, which was granted
    the right to a monopoly for 15 years in 1997.

    On September 8, 2003, the government decided to deprive ArmenTel of
    its monopoly license, but the decision has not yet been enforced due
    to ongoing lawsuits.

    OTE controls a 90% stake in ArmenTel, while the remaining 10% is held
    by Armenian government.

    According to a financial statement provided by OTE, ArmenTel's
    operating revenue rose 22.7% on the year to 21.1 million euros in
    the second quarter. End
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