Major Russian telecommunication conglomerates – Sistema, Rostelekom, and Vympelkom – joined the tender to buy Armentel, largest Armenian operator of cellular and fixed-line telephony, this week. Three Russian companies will compete with five foreign operators. The most serious rivals are MTS of Kuwait and Etisalat of the United Arab Emirates. Despite the impressive entry list, experts believe that Russian companies have a good chance to win the first victory ever in the international tender for telecommunication assets.
Kommersant learned that primary offers to buy Armentel came from Russia’s Sistema, Vympelkom, and Rostelekom, Kuwait’s MTS Kuwait, Armenia’s Sil group, Belgium’s Belgacom, Hungary’s PanTel, and Arab Emirates’ Etisalat.
Greek corporation OTE owns Armentel now. OTE announced its intention to sell 90 percent of Armentel shares in early April 2006. Armentel provides service to 595,000 subscribers (that is, all fixed telephone numbers in Armenia), and controls over a half of cellular communication market, serving more than 50,000 subscribers. Armenian government owns 10 percent of Armentel. The company’s turnover reached €110 million in 2005.
OTE’s disagreement with Armenian government about business strategy impelled OTE to sell its assets. The government is completely against tariff raising and charging fixed telephone subscribers for time.
The outcome of the tender will become known after July 20. Experts estimated the value of 90 percent of Armentel shares at $100-140 million, before the tender. Yet, the impressive entry list indicates that the asset value may redouble.
It is the three Russian operators who have best chances in the tender for Armentel. Elena Bazhenova, analyst of Aton investment group, said: “Russian companies have more chances to win the tender because they have more contacts and connections with Armenian officials, which is of great importance for working in Armenia, for the government strictly controls Armenia’s telecom market.”
by Ara Tatevosyan, Erevan, Nikolai Yablonsky
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