Ucom
arminfo Wednesday, November 21, 20:13
Ucom LLC is selling asset - Netsys Company. The Public Services Regulatory Commission of Armenia adopted a decision on November 21 to alienate Ucom's 100% interests in Netsys Internet provider in favor of a citizen of Armenia Tigran Hovhannisyan.
Netsys Company told ArmInfo that Tigran Hovhannissyan is a private who was earlier engaged in telecommunications sector. Netsys's sale to Hovhannissyan is connected with the company's plans to raise big investments, the company said. The amount of possible investments is not mentioned.
Earlier in September 2011 PSRC approved a transaction of acquisition of Netsys by a bigger provider, UCOM LLC. Then Netsys told ArmInfo that the technical merger will be made within 6 months. Netsys entered the Armenian market 12 years ago and provides Internet connection in Yerevan. The merger pursued a goal to raised funds for expansion. In addition, it was hard for the company to compete with UCOM.
Netsys is an Armenian-American Joint Venture, providing a full range of Internet services in Armenia: Internet connection & E-mail services via Dialup and Broadband DSL, WiMAX links, as well as complete Hosting Solutions, including Domain Name Registration, virtual WEB and MAIL Hosting. Ucom is a young telecommunication company actively introducing its products in the market. The company offers Triple Play (high-speed symmetric Internet connection, IP television and landline digital phone) in a single package through FTTH. By data for 2011 there were nearly 200,000- 250,000 subscribers of broadband Internet in Armenia and Ucom's share in the market was nearly 10%-12%. The company covers 65% of Yerevan and plans to expand into other big towns of Armenia. As it was reported earlier, 41% of Ucom's share belong to Aram Khachatryan, by 5% of the shares belong to Hayk Yesayan and Alexander Yesayan and the remaining 49% belong to IU Telecommuncate Limited, Cyprus.
By some unconfirmed data, the final beneficiary of the company is Gagik Khachatryan, Head of the State Revenue Committee of Armenia.
In 2011 Ucom announced its merger with Netsys Internet provider company and acquired 100% shares of another provider - Icon Communications. In July 2012 Ucom announced acquisition of the full package of share of the Armenian TV Company Interactive TV.
Ranking of the trade and service companies of Armenia prepared by ArmInfo says assets of UCOM grew 93.4% for 2011 to 9.8 bln drams, as the fixed assets grew over twofold (by 4 bln drams) to 7 bln drams.
Loss in 2011 totaled 555 mln drams deepening over threefold over the year.
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