Instead, Rostelecom plans to invest further in the company.ts Armenian business unit, Rostelecom Armenia (formerly GNC-ALFA).
Instead, Rostelecom plans to invest further in the company.
It represents a U-turn from the company, which as recently as January had looked likely to sell its subsidiary to Electric Networks of Armenia (ENA) in a deal estimated to be worth $25 million.
“There is no issue of selling it anymore, we have decided to develop it actively," said Rostelecom president, Mikhail Oseevsky, as reported by Intel.am.
Rostelecom acquired GNC-Alpha shares back in 2012, taking a 75 percent stake in the company, which was founded in 2007, and provides Internet access, fixed telephony, IP TV, and other services in the country.
In October of last year, Rostelecom revealed it's considering the development of a new data center in Armenia, although there were no further details around location, specifications, or timelines, shared.