Founders and minority shareholders at the Armenian telecommunications company Ucom, brothers Hayk and Aleksandr Yesayany are ready to pay AMD 34 billion ($70) for 94% of shares of the company.

The Yesayans had earlier offered AMD 22,1 billion for the shares they do not control.

The brothers and their team started Ucom back in 2009, with several Armenian and Diaspora businessmen acquiring shares in the coming years. The brothers’ share is 6% now. The management staff and several hundred employees, however, resigned days earlier.

Hayk Yesayan was the Director General of Ucom prior to his resignation, which reportedly came amid disagreements between the senior staff and the shareholders who allegedly wanted to appoint Beeline CEO Andrey Pyatakhin at the helm of Ucom once the two companies merged.

It was reported earlier that Veon Armenia (trademark Beeline) has applied to the Public Services Regulatory Commission to get permission to sell its shares to Ucom.

The Board of Directors has confirmed in the message that a new Director General will be appointed, but promised that Ucom is and will always remain an Armenian company.