The Public Services Regulatory Commission approved on Wednesday, January 19 the sale of GNC-Alfa CJSC, a subsidiary of Rostelecom, Armen Hunanyan from the PSRC has revealed.

The company was purchased by Electric Networks of Armenia CJSC (owned by Tashir Holding) and Russian citizen Arman Hunanyan, who teamed up to establish a new company registered in Cyprus.

The estimated value of the transaction is $25 million, investment and development programs are further envisaged. Some of them will be aimed at supporting and re-equipping the infrastructure and will amount to about AMD 1.5-1.8 billion ($3.1-3.7 million) per year.

In total, the new owners have committed to investing 2.5 billion drams for the development of infrastructure, especially in the provinces, in the next five years.