CEO: sale of 75% of Gnc-Alfa’s shares to Rostelecom due to necessity of more dynamic development

CEO: sale of 75% of Gnc-Alfa’s shares to Rostelecom due to necessity of more dynamic development

YEREVAN, February 3. /АРКА/. GNC-Alfa, the largest independent Internet and data provider in Armenia, has sold 75% minus one share to Rostelecom OJSC, Russia’s national telecommunications operator, to spur its development, GNC-Alfa CEO Hayk Farmazyan said in an interview with ARKA News Agency. “We had long negotiations with various foreign investors, and our approaches to business development were in tune with those of Rostelecom,” he said in his interview. 

He said that the company needed a strategic investor for implementation of its development program. 

Farmazyan, however, refrained from commenting on media reports according to which Rostelecom has got an option for the remaining 25% plus one share. 
Rostelecom has acquired 75% of GNC-ALFA’s shares for US$ 22.5 million (approximately RUB 682 million).

As the company’s press office said, shares were bought by Teleset Networks LTD, a subsidiary of Rostelecom. 

GNC-ALFA operates a modern fibre-optic network spanning approximately 1,500 km, which passes through 70% of the territory of the Republic of Armenia. GNC-ALFA’s network is interconnected with the region’s major backbone networks and major MMR (“meet-me-room”) centres, as well as with international gateways with Iran and Georgia. GNC-ALFA is the largest independent aggregator of national IP-traffic, and its subsequent transit, in Armenia. 

In 2012, GNC-ALFA plans to actively develop its broadband Internet and pay-TV services for individuals in Armenia. This will stimulate growth in its business and it will enable the company to capitalise on high demand from end-users in the Armenian market which also has strong potential for increases in penetration.

GNC-ALFA reported revenues of approximately US$ 12 million with an EBITDA margin of 48% for the full year of 2011. The company’s current net debt stands at less than US$ 1 million.

Provorotov spoke about Rostelecom’s intention to purchase assets from CIS member countries yet in October 2011. He meant then acquisition of mobile assets. 

In January, Rostelecom’s directorial board was considering the company’s foreign policy. 

Rostelecom is Russia’s national telecommunications operator and now also includes the regional incumbent telecommunications operators - CentreTelecom, SibirTelecom, Dalsvyaz, Uralsvyazinform, VolgaTelecom, North-West Telecom and Southern Telecommunications Company and Dagsvyazinform. 

Rostelecom’s largest investor is Svyazinvest state-owned holding - 40.07% of the national telecommunication operator’s authorized capital and 43.37% of equities belong to it. 

Rosimushestvo owns 6.86% and 7.43% respectively, and 2.26% and 2.45% voting non-equity shares belong to WEB. 

Other 3.44% of the authorized capital and 2.69% equities were bought out from shareholders opposed to reorganization of shareholders and handed over to Mobiltel. A part of Mobiltel’s package is set into operation in Rostelecom’s enlarged operational program. -0- 

17:26 03.02.2012





 

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