Armenian regulator approves sale of MTS Armenia to a Cyprus firm

YEREVAN. Nov 15 (Interfax) - Armenia's Public Services Regulatory Commission (PSRC) at a meeting on Wednesday granted a request by CJSC MTS Armenia CJSC, which operates under the Viva-MTS brand and is a subsidiary of Russian telco MTS , to complete the sale of company shares.

"The request for a transaction to sell shares of MTS Armenia CJSC has been approved," the PSRC press service told Interfax.

The regulator consented to the sale of 100% of the shares in MTS Armenia to the Cyprus-registered Fedilco Group Limited.

The transaction must be completed within six months from the date the final decision is published.

The PSRC said earlier that MTS Armenia's request was received on November 3. Fedilco Group Limited intended to purchase 100% of MTS Armenia from Aramayo Investments Limited (Cyprus), after which MTS Armenia will no longer be considered a member of the MTS Group.

The PSRC also said the Armenian High-Tech Industry Ministry and National Security Service did not object to the deal.

The regulator had already looked at a similar application from MTS Armenia in the spring but rejected it. It did not give a reason, saying only that the transaction might be refused if it did not meet PSRC requirements or threatened or might threaten national security or state interests.

The MTS press office told Interfax at the time that the company was focusing on business development in Russia and could potentially "consider selling the asset in Armenia if buyers with a good valuation are found."