Wednesday, January 19 2022 13:37
Naira Badalian

Armenia`s Public Service Regulatory Commission approves sale of Filor Ventures Limited, Rostelecom`s  only foreign asset

Armenia`s Public Service Regulatory Commission approves sale of Filor Ventures Limited, Rostelecom`s  only foreign asset

ArmInfo.The RA Public Service Regulatory Commission approved on January 19 the sale of the 100% shares of Filor Ventures Limited, the only stockholder of Rostelecom  Armenia, (GNC-Alfa, daughter company of Rostelecom), to Molitro  Holdings Limited (Cyprus) founded by RA citizen Arman Hunanyan and  the Electric Networks of Armenia CJSC. 

According to the Commission's decision, on January 19 the Commission  received an application from the GNC-Alpha CJSC according to which  the RA citizen Arman Hunanyan and the Electric Networks of Armenia  CJSC intended to incorporate a new company, Molitro Holdings Limited,  in Cyprus, which will purchase 100% of the shares of Filor Ventures  Limited, the only stockholder of GNC-Alpha. Thus, GNC- Alpha, applied  to the Commission for permission to sell the shares of Filor Ventures  Limited to Molitro Holdings Limited. Besides, in response to the  Commission's inquiry, GNC-Alfa assured the Commission of Molitro  Holdings Limited's readiness to invest in GNC-Alfa to ensure its  operation and development. 

The issue was discussed at the RA Ministry of High-Tech Industry,  which did not object to the transaction after consulting the RA  National Security Service. 

According to the Commission, the transaction can be effected within  six months after the Commission's decision takes effect. 

The Electric Networks of Armenia CJSC is owned by the founder of the  Tashir group Samvel Karapetyan and his family. Also, through the  Russia-based Forabank the Karapetyan family own almost 11% of the  Ucom company, which is one of Armenia's mobile operators. Ucom gave  assurances earlier that they are not a direct or indirect purchaser  of GNC-Alfa. 

GNC-Alfa, daughter company of Rostelecom, was founded in 2007.  Rostelecom purchased 75% minus one share of GNC-Alfa for $22.5mln in  February 2012. That was the first purchase of a provider outside  Russia. At the same time, Rostelecom was granted an option on the  purchase of the rest 25% plus one share of GNC-Alfa.

In August 2019, purchased the rest 25.02% of GNC-Alfa for RUB 507mln.  It was in the winter of 2018 that the media first reported  Rostelecom's intention to sell its daughter company. "We are thinking  about how much this business is complementary to us. Our task is not  to sell it. However, other global actors' experience shows that such  inter-country synergy is not obvious," Mikhail Oseevsky, Rostelecom  President, stated then.  "Different laws, different client base,  products. So we are thinking about how we can most effectively  organize our work - including through sale," he said. In  mid-September 2021, Mikhail Oseevsky stated that the company was  seeking a purchaser of the Armenian communication operator GNC- Alfa,  with the opening bid of about $25mln. 

Rostelecom-Armenia is one of the leading telecommunication operators  in Armenia, which has since 2021 been providing broadband Internet  access, smart IP TV services, high-quality stationary telephone  communication, and a number of cloud-based services to individuals  and corporate clients. The company has introduced the GPON technology  in Armenia. The company's optic-fiber network has a total length of  2,500km and covers 80% of Armenia's territory. The network is  connected to the regional mainline communications networks and  international Internet channels through Georgia and Iran.  Rostelecom  Armenia is the only Armenian company that has three international  channels connected to Russia an Europe, which are both physically and  geographically separated from each other, which is a guarantee of  reliable and uninterrupted services. 

In 2020, Rostelcom Armenia launched cooperation with CenturyLink, one of the world's major  Internet providers, thereby diversifying its transnational Internet  resources. 


News
Armenia`s GDP growth in Q1 2022 exceeded pre-Covid rates by 8.6% per  annum Armenia`s GDP growth in Q1 2022 exceeded pre-Covid rates by 8.6% per  annum 
WB allocates another $25 million loan to Armenia for the development  of education systemWB allocates another $25 million loan to Armenia for the development  of education system
CBA puts into circulation collector coin Davit BekCBA puts into circulation collector coin Davit Bek
Vahan Kerobyan: Another record has been registered in the labor  market of ArmeniaVahan Kerobyan: Another record has been registered in the labor  market of Armenia
Flyone Armenia launches Yerevan-Antalya-Yerevan direct non-scheduled  flights from June 14Flyone Armenia launches Yerevan-Antalya-Yerevan direct non-scheduled  flights from June 14
Mher Grigoryan: The activities of the trilateral working group, to  unblock transport communications, are definitely productiveMher Grigoryan: The activities of the trilateral working group, to  unblock transport communications, are definitely productive
Team Telecom Armenia improved its mobile network coverage in Yerevan  and all regions of countryTeam Telecom Armenia improved its mobile network coverage in Yerevan  and all regions of country
Warsaw Stock Exchange to acquire 65.03% shares of Armenia Securities   Exchange Warsaw Stock Exchange to acquire 65.03% shares of Armenia Securities   Exchange 
EAEU considers possibility of forming fundamentally new model of  monetary and financial regulationEAEU considers possibility of forming fundamentally new model of  monetary and financial regulation
Tender package for construction of M1 Yerevan-Gyumri-Bavra road  section of North-South project has been approvedTender package for construction of M1 Yerevan-Gyumri-Bavra road  section of North-South project has been approved
Armenia allocates AMD 5.6 billion for socio-economic development of  regions within subvention programsArmenia allocates AMD 5.6 billion for socio-economic development of  regions within subvention programs
Armenia`s pensioners to get 10% cash-back on payments Armenia`s pensioners to get 10% cash-back on payments 
Team Telecom Armenia becomes technology partner of KoreezTeam Telecom Armenia becomes technology partner of Koreez
Armenia to receive $20mln share from customs duties collected in EAEUArmenia to receive $20mln share from customs duties collected in EAEU
Pashinyan receives Executive Director of World Trade Centers  AssociationPashinyan receives Executive Director of World Trade Centers  Association
Vahan Kerobyan on goals of MoE: Vahan Kerobyan on goals of MoE: "Dry Port" of Gyumri will provide 3%  of Armenia`s GDP 
Evocabank replenishes its share capitalEvocabank replenishes its share capital
"The state collects taxes from the economy, but does not spend, thus  reducing economic activity": Luys Foundation 
Investin.am business portal for Private Equity has been launched in  ArmeniaInvestin.am business portal for Private Equity has been launched in  Armenia
YOY inflation in Armenia in April 2021 was 8.4%, and in January-April  alone - 5.8%YOY inflation in Armenia in April 2021 was 8.4%, and in January-April  alone - 5.8%
Branch of International Coaching Federation has been opened in  ArmeniaBranch of International Coaching Federation has been opened in  Armenia
Gnel Sanosyan discusses new agreement on gas-for-electricity program  with Iranian Petroleum Minister Gnel Sanosyan discusses new agreement on gas-for-electricity program  with Iranian Petroleum Minister 
RA High-Tech Industry Minister, French Ambassador discuss Armenia`s  participation in VivaTech 2022RA High-Tech Industry Minister, French Ambassador discuss Armenia`s  participation in VivaTech 2022
MoE reports on results of World Bank`s CARMAC2 programMoE reports on results of World Bank`s CARMAC2 program
Central Bank of Armenia: Prices for food and energy  are expected  to stay at high levelCentral Bank of Armenia: Prices for food and energy  are expected  to stay at high level
CMTPL loss ratio in Armenia decreased from 86% in 2021 to 67% by May  2022CMTPL loss ratio in Armenia decreased from 86% in 2021 to 67% by May  2022
Evocabank to help Armenian postal operator introduce financial  servicesEvocabank to help Armenian postal operator introduce financial  services
Remittances of labor migrants from Russia decreased, while transfers  of Russians increased: Central Bank of ArmeniaRemittances of labor migrants from Russia decreased, while transfers  of Russians increased: Central Bank of Armenia
Armenia, Iran reached agreement to remove obstacles to increase trade  between two countriesArmenia, Iran reached agreement to remove obstacles to increase trade  between two countries
Wildberries launches direct sales from Armenian entrepreneursWildberries launches direct sales from Armenian entrepreneurs
Armenia`s Minister of Economy WB Country Manager discuss CARMAC IIArmenia`s Minister of Economy WB Country Manager discuss CARMAC II
Armenian, UAE  FMs discuss bilateral cooperation Armenian, UAE  FMs discuss bilateral cooperation 
Armenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration systemArmenia to attract another loan from IBRD in amount of EUR 26.5  million to improve public administration system
According to UBA level of profitability of the Armenian banking  system is quite lowAccording to UBA level of profitability of the Armenian banking  system is quite low
$10 million to be invested in construction of multifunctional  business center in Dzoragyugh district of Yerevan$10 million to be invested in construction of multifunctional  business center in Dzoragyugh district of Yerevan
Converse Bank bonds can now be purchased via the mobile applicationConverse Bank bonds can now be purchased via the mobile application
UBA: Net inflow of private transfers to Armenia increased by 45% per  annum in Q1UBA: Net inflow of private transfers to Armenia increased by 45% per  annum in Q1
Seyran Sargsyan: The reduction in non-resident deposits had a  negative impact on the total volume of bank depositsSeyran Sargsyan: The reduction in non-resident deposits had a  negative impact on the total volume of bank deposits
UBA: Volumes of lending to the Armenian economy have grown in almost  all areasUBA: Volumes of lending to the Armenian economy have grown in almost  all areas
Team Telecom Armenia to start business data center construction Team Telecom Armenia to start business data center construction 
Discount system in cashless transactions for pensioners to be  introduced in Armenia Discount system in cashless transactions for pensioners to be  introduced in Armenia 
Armenia`s government to allocate  $10mln to road renovation Armenia`s government to allocate  $10mln to road renovation 
Passenger traffic in Armenia reached 40% growth in Q1Passenger traffic in Armenia reached 40% growth in Q1
Armenia, Iran simplify mutual access of investors to FEZ markets of  two countriesArmenia, Iran simplify mutual access of investors to FEZ markets of  two countries
Armenia`s communications sector revenue in Q1 2022 increased by 6.8%Armenia`s communications sector revenue in Q1 2022 increased by 6.8%
Armenia reduced wine production in Q1Armenia reduced wine production in Q1
Pashinyan receives Alexei Overchuk and Andrey RudenkoPashinyan receives Alexei Overchuk and Andrey Rudenko
Tourist flow to Armenia starts to recoverTourist flow to Armenia starts to recover
ARMSWISSBANK receives EBRD award ARMSWISSBANK receives EBRD award "The most Active Issuing Bank in Armenia for 2021"
Natural population decline was recorded in Armenia Natural population decline was recorded in Armenia 
Armenia`s population decreased by 2.3 thousand people by April 1,  2022Armenia`s population decreased by 2.3 thousand people by April 1,  2022
S&P Global Ratings assigns S&P Global Ratings assigns "B-" (Local Currency LT credit rating) to  ASCE Group
Armenia spares no effort for North-South energy corridor program to  be implemented in shorted period - minister Armenia spares no effort for North-South energy corridor program to  be implemented in shorted period - minister 
Turkey never agreed on construction of dams on Aras River with other  countries of basin - Ali Akbar MehrabianTurkey never agreed on construction of dams on Aras River with other  countries of basin - Ali Akbar Mehrabian
Armenia, Iran to consider to increasing gas supplies from Iran to  ArmeniaArmenia, Iran to consider to increasing gas supplies from Iran to  Armenia
Hayk Yesayan: Introduction of 5G in Armenia in the next couple of  years will be inexpedientHayk Yesayan: Introduction of 5G in Armenia in the next couple of  years will be inexpedient
Armenia, Iran to sign memorandum to develop cooperation in number of  areasArmenia, Iran to sign memorandum to develop cooperation in number of  areas
Another intermediate subway station to be built in YerevanAnother intermediate subway station to be built in Yerevan
FinRating ArmInfo: Travel insurance has grown in terms of the number  of contracts concludedFinRating ArmInfo: Travel insurance has grown in terms of the number  of contracts concluded
Armenia`s premier visits Confederation of Netherlands Industry and  Employers to present investment opportunities in Armenia to local  businessArmenia`s premier visits Confederation of Netherlands Industry and  Employers to present investment opportunities in Armenia to local  business
Read more


Exchange rates
23.05.2022
RUB7.890.08
USD455.73-3.25
EUR486.580.84
GBP573.350.36
CAD356.74-2.26
JPY35.74-0.11
CNY68.270.26
CHF471.62-1.07