07:28 | 25.01.24 | News | 14149

20% of Viva-MTS shares to be transferred to the state

Viva-MTS has officially announced a change of its shareholder, stating also that the company no longer belongs to the Russian MTS Group.

Viva-MTS issued a news release, saying that the company’s new shareholder is Fedilco Group Limited, owned by European and Asian investors.

“Considering the strategic importance of MTS Armenia CJSC for Armenia, Fedilco Group Limited intends to transfer 20% of the shares of MTS Armenia to the Republic of Armenia, free of consideration,” the news release reads.

“Viva-MTS, as a leading and innovative technological company in Armenia’s ICT sector, has always attracted the attention of significant enterprises both locally and internationally, as a company with high profitability and effectively-managed asset, promising in terms of future investments. Viva-MTS is a leading ICT business in Armenia, offering a wide range of services. The company has more than 2 million customers and maintains a consistent rate of growth and profitability. It has an effective corporate management system as well as a strong, established professional staff. Viva-MTS is a rich mix of management cultures and business model, laying the ground of the company’s competitive advantage and uniqueness impossible replicate,” Armen Avetisian, General Director of Viva-MTS, said.

“Viva-MTS invests from its profits, is not pledged or tasked with credit commitments, is financially self-sufficient, and pays its employees competitively. The volume investment will remain on the same level, at minimum. Viva-MTS will continue to be managed by the current top management team headed by the General Director Armen Avetisian,” the news release notes.

It also said that Fedilco Group Limited is a company incorporated in Cyprus and its ultimate beneficiaries are Zhe Zhang and Konstantin Sokolov.

“Both Mr. Zhe Zhang and Mr. Konstantin Sokolov are professional investors with a diverse background in telecommunications, finance, energy, investment and asset management areas of business. Their versatile experience in the telecommunications sector, combined with industry-specific knowledge and a forward-thinking approach, positions them as valuable professionals in navigating industry complexities. Beyond traditional roles, their understanding extends to emerging technologies and market trends, positioning them as a valuable asset in this dynamic field,” the news release says.