The Sale Process of Rostelecom Has Failed: CivilNet

The sale transaction of shares of "Gensis-Alpha," the company representing the "Rostelecom" brand in Armenia, has failed, according to CivilNet, and the company's sale prospects are uncertain. The reason for this decline is attributed to the Russian-Ukrainian war in February, specifically the Western sanctions against Russian companies, which have prevented the buyer from securing financial resources to finalize the deal.

"Gensis-Alpha" is a subsidiary of the Russian "Rostelecom". The main shareholder of Rostelecom's parent company is the Russian government, including VTB Bank.

The acquisition process for "Gensis-Alpha" began in November, with CivilNet reporting that the buyer was Molitro Holdings Limited, a company registered in Cyprus. One of its shareholders is "Electric Networks of Armenia," owned by Russia-based businessman Samvel Karapetyan, and the other shareholder is Arman Unanyan, who is connected to the businesses of the sons of former head of the State Revenue Committee, Gagik Khachatryan.