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GREEK TELECOMS GIANT OTE BEGINS PROCESS TO SELL STAKE IN ARMENIA'S ARMENTEL
Agence France Presse -- English
April 4, 2006 Tuesday 10:22 AM GMT
ATHENS
Greece's Hellenic Telecommunications Organisation (OTE) on Tuesday
said it was examining options to sell its 90-percent controlling
share in Armenian operator Armentel.
"Following consultation with the Armenian government, (OTE) has
begun a procedure of examining options to sell its 90-percent stake
in Armentel's share capital," the semi-state Greek telecoms giant
said in a statement.
"OTE has decided to focus on the Balkans ... Armentel is now a
healthy company ... and there is a rather large interest from Russian
companies and funds," said Michalis Tsamaz, managing director of
OTE International.
HSBC Bank PLC has been selected to advise OTE in the procedure,
the company said.
Armenia's main telecoms operator, Armentel in 2005 posted a net
income of 45.8 million euros (55.4 million dollars), an increase of
56.8 percent over the equivalent period in 2004, and had operating
revenues of 119.1 million euros.
OTE purchased its Armentel stake in 1997 at a cost of 120 million
euros, Tsamaz said.
Partially controlled by the Greek state, the OTE group, which comprises
the profitable Cosmote Greek mobile telephony unit and subsidiaries
in Bulgaria, Serbia and Romania in addition to Armenia, in 2005 posted
a net loss of 216.8 million euros.
Agence France Presse -- English
April 4, 2006 Tuesday 10:22 AM GMT
ATHENS
Greece's Hellenic Telecommunications Organisation (OTE) on Tuesday
said it was examining options to sell its 90-percent controlling
share in Armenian operator Armentel.
"Following consultation with the Armenian government, (OTE) has
begun a procedure of examining options to sell its 90-percent stake
in Armentel's share capital," the semi-state Greek telecoms giant
said in a statement.
"OTE has decided to focus on the Balkans ... Armentel is now a
healthy company ... and there is a rather large interest from Russian
companies and funds," said Michalis Tsamaz, managing director of
OTE International.
HSBC Bank PLC has been selected to advise OTE in the procedure,
the company said.
Armenia's main telecoms operator, Armentel in 2005 posted a net
income of 45.8 million euros (55.4 million dollars), an increase of
56.8 percent over the equivalent period in 2004, and had operating
revenues of 119.1 million euros.
OTE purchased its Armentel stake in 1997 at a cost of 120 million
euros, Tsamaz said.
Partially controlled by the Greek state, the OTE group, which comprises
the profitable Cosmote Greek mobile telephony unit and subsidiaries
in Bulgaria, Serbia and Romania in addition to Armenia, in 2005 posted
a net loss of 216.8 million euros.