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“Mobile Telesystems” (MTC) open joint stock company has got hold of 80 percent of founding capital of International Cell Holding. International Cell Holding is indirectly the sole owner of the shares of K-Telecom closed joint stock company, the biggest Armenian operator.
The deal amounts 310 million Euro fifty percent of which will be paid in the course of 2008-2010 in case the income and profit targets set by K-Telecom are accomplished. MTC will also provide K-Telecom with 140 million Euro credit so that the latter redeems its debts and finances investment projects. The agreement on the purchase of the remaining twenty percent of shares of International Cell Holding will come into force no sooner than July 2010 and will be effective until 2012. The price of the package will be decided based on an assessment of an international bank.