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VimpelCom Submits Bid To Take Part In Armentel Tender

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  • VimpelCom Submits Bid To Take Part In Armentel Tender

    VIMPELCOM SUBMITS BID TO TAKE PART IN ARMENTEL TENDER

    Interfax News Agency
    Russia & CIS Business and Financial Newswire
    June 7, 2006 Wednesday 6:15 PM MSK

    Russia's No. 2 cellular operator VimpelCom (RTS: VIMP) has submitted
    a bid to take part in a tender to sell Armenian telecommunications
    company Armentel, the company's press service told Interfax.

    Greece's Hellenic Telecommunications Organization SA (OTE) announced
    plans earlier to sell its 90% stake Armentel. Russia's No. 1 cellular
    provider Mobile TeleSystems (RTS: MTSS) (MTS) has also submitted a bid.

    Renaissance Capital analysts said the these two operators are the
    most likely contenders to buy Armentel.

    "Expansion on the Armenian market, which has a low level of mobile
    phone penetration, could be good for MTS and VimpelCom, which we think
    are the most likely candidates to acquire the asset," Renaissance
    Capital said in a report.
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