/PanARMENIAN.Net/ VimpelCom Public Corporation announced November 3 the signing of an agreement with the Greek Hellenic Telecommunications Organization SA (OTE) on purchase of 90% of ArmenTel CJSC shares, which is communication services operator of Armenia. The 90% of ArmenTel shares make EUR 341.9 million plus some EUR 40 million as the company pure debt and obligations. The deal is planned to be formalized before the end of 2006, VimpelCom Press Office reported.

ArmenTel is the major telecommunication company of Armenia of which the Government has 10%. OTE Greek company, which holds 90% of its shares, announced a tender on selling these this year. 16 companies took part in it. Russian VimpelCom and MTC, as well as ETISALAT (Emirates Telecommunications Corporation/Istithmar ETV -Emergent Telecom Ventures) и VTEL Holdings/Knightsbridge Associates passed to the second round of the tender, the results of which are not announced yet. The OTE had bought ArmenTel at USD 142.47 million. Before November 4, 2004 ArmenTel was the monopolist at the cellular market of Armenia. In November 2004, in exchange for deprival of monopoly rights for GSM services, ArmenTel got a prerogative for IP-telephone services. Thus, K-Telecom came to Armenia with a trademark of VivaCell – a branch structure of Nagorno Karabakh communication operator. Armenian PM Manukyan had stated that the purchaser of ArmenTel should refuse monopoly to a number of activities and the pretenders to the buying of the shares agreed to that condition, reports IA Regnum.