Armenian regulator bans sale of MTS subsidiary to Cypriot company
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The Commission for the Protection of Economic Competition of Armenia refused permission to change the ownership of the shares of MTS Armenia (an Armenian subsidiary of the Russian MTS). Earlier in April, the Commission for the Regulation of Public Services of the country (PSRC) made the same decision.
MTS expected approve the sale of MTS Armenia operating under the Viva-MTS brand with the regulator. The buyer was to be the Cypriot Fedilco Group Limited.
“A study was conducted, as a result of which, by decision No. 173-A of April 18, 2023, the deal between Fedilco Group Limited and MTS Armenia CJSC was prohibited,” the Armenian edition quotes from the decision of the regulator. news.am.
PSRC had previously made a negative decision. According to Armenian law, a deal can be refused if “it does not meet the requirements, threatens or may threaten the national security or state interests of the country.”
“MTS Armenia”, which is 100% owned by the Cypriot Aramayo Investments Limited (which, in turn, through the Luxembourg Allegretto Holding is 100% owned by MTS PJSC), planned buy another Cypriot structure – Fedilco Group Limited (established in April 2022).
MTS has been going out of business in the post-Soviet space in recent years. Now the company left only 49% in MTS Belarus. MTS does not disclose whether it is planned to sell this asset as well.
Read more in the publication “Kommersant” “Armenia does not hang up”.
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