Journalists Not Allowed at Privatization Summit of Armentel Final Bidder not Announced

YEREVAN (Hayots Ashkhar/Reuter)–Journalists and representatives of the mass media were not allowed to be present at the presentation ceremony of international proposals for the privatization of Armentel communications company and the Arax textile factory– Prime Minister’s press service reported.

According to the same sources–information about proposals will be published no earlier then a month later–when the winner of competition will be selected. Presentation ceremony was held Friday.

It was previously planned that four companies were to be privatized on August 15–Arax joint stock company–Yerevan Cognac Factory–Looys joint stock company–and the Armenia hotel through international auction. Still–privatization of three (except for Arax) has been postponed–instead–Armentel will be privatized in August–though it was planned to be privatized in September.

Armentel owns a local telephone network with 700,000 clients. 51 percent of its stock belongs to the Government of Armenia–49 – to the USA Trans World Telecom company.

According to preliminary information–Armentel will be sold fully.

The buyer should be an authoritative telephone company– it will receive a 15 year monopoly for implementation of telephone communications in Armenia. Preference will be given to the buyer paying the highest price.

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