YEREVAN (Noyan Tapan)The Armenian government approved a proposal by the Ministry of Communication of Armenia regarding the merger of the "Telephone Network of Armenia" (TNA) and the ArmenTel phone company Feb. 20–according to Noune Ohanian–a press-service employee for the Ministry of Communication of Armenia.
The Armenian government owned 51 percent of the shares of ArmenTel–an Armenian-American company–while 49 percent was owned by the Trans World Telecom company.
ArmenTel controls the telephone network of Yerevan–while TNA controls the rest of Armenia Armenia’s shares will increase with the proposed merger of TNA and ArmenTel–however the size of the increase hasn’t been specified yet.
According to Ohanian–the merger will attract foreign investors. She also said that a $75 million-loan will be allocated to the telephone company to help modernize Yerevan’s telephone system.