MTS restarts operations in Turkmenistan, plans to give 30% of profit to local state corp
MOSCOW. July 26 (Interfax) - Russian cellular operator OJSC Mobile TeleSystems (MTS) has restarted operations in Turkmenistan after its operational license was halted in December 2010, MTS said in a press release.
The press release said that MTS has received GSM and 3G licenses for three years. The technical and legal terms in the license agreement are necessary for restarting operations in Turkmenistan.
According to a five-year agreement between MTS and state communication company Turkmentelecom, the Russian company's subsidiary, MTS-Turkmenistan, will pay the state company 30% of its monthly net profit according to Turkmen accounting standards and posted for operations in the country.
"The condition of MTS infrastructure in Turkmenistan allows the company to recover its network operations and start providing all services at the previous level to over 2.4 million subscribers," the statement said.