OTE GREEK CORPORATION REFUSES FROM FURTHER INVESTMENTS IN ARMENTEL AND NEGOTIATES ON ITS SALE

PanARMENIAN.Net - OTE Greek corporation is conducting talks on selling 90% of ArmenTel Armenian-Greek company, the monopolist of the telecommunication network of Armenia, as reported by Mediamax agency according to the OTE report on fiscal year 2003. The document mentions that ArmenTel's net income comprised 11,8 million euros last year. "OTE is refusing from further investments in ArmenTel and worked out a program on curtailing the expenses", the report says. To remind, the Armenian government has recently come to the decision to deprive ArmenTel of monopoly right for providing vehicular and internet communication. The decision is to come into effect this summer.