PSRC allows Ucom to pledge Orange Armenia shares to local banks

YEREVAN, October 9. / ARKA Armenia's Public Services Regulatory Commission (PSRC) has ruled today to allow Ucom telecom provider, the owner of Orange Armenia jsc, to pledge the latter's  100% stake to Armenian banks. 

According to PSRC, Ucom plans to pledge a 20% stake to Araratbank, a 51% stake to Ardshinbank, and 29% to Ameriabank. The reason for the pledges has not been specified. 

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 launched its mobile voice and internet services on November 5, 2009.  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.  Its takeover  by local telecom provide Ucom was allowed by the regulator on August 20.

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.    --0--

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16:19 10/09/2015