Armenia's regulator authorizes handover of Orange Armenia stocks to uCom

YEREVAN, August 20. /ARKA/. The Public Services Regulatory Commission of Armenia approved Thursday alienation of 100 percent of the stocks of Orange Armenia, a subsidiary of France Telecom, to Ucom.  

Gevorg Gevorgyan, chief of the commission's division in charge of communications, said that the telecommunication company's decision on the alienation is beneficial to the company's employees and clients.  

In his words, the company's assets are regularly being revised, in accordance with the strategy, growth prospects gauged and conformity of assets with its global strategy assessed.  

“The company has no sufficient resources for the investment implied in its strategy,” Gevorgyan said.
On July 22, Orange Armenia CEO Francis Gelibter told journalists that Orange Group was negotiating with Ucom to sell 100% of Orange Armenia shares to the latter.

He said the decision to sell the company was not motivated by financial reasons, but it was prompted by a wish to provide convergent services, including fixed telephony and television, to customers.  
Orange Armenia will continue providing mobile telecommunication services, preserving its license and infrastructure.

Orange Armenia, 100% subsidiary of France Telecom, launched its mobile voice and internet services on November 5, 2009 on the whole territory of Armenia.

Now the company provides a full range of voice and data services in 600 cities and villages of Armenia, to more than 95% of the population.

According to audited financial statements, in 2014 Orange Armenia sustained losses totaling 4 billion drams and it lost 3.85 billion drams in 2013.

Orange Armenia has invested more than AMD 100 million over five years of its activity in Armenia.  
UCom (Universal Communications) established in 2007 provides telecommunication services. The company, under support from Ericsson, has created a broadband access network embracing Yerevan. It provides Internet, IP television and fixed telephony services. ($1 – AMD 477.29). -0---

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15:05 08/20/2015