Ucom Shareholders Issue Statement

The Armenian telecommunications company Ucom held a meeting with its founding shareholders yesterday to discuss and find solutions to the current situation surrounding the company. On this occasion, the management board issued a statement, which in particular said:

“The past few days have been stressful for Ucom’s employees, subscribers, partners, and the public. We are aware that the silence of the company's highest governing body in this situation has caused serious concern among employees. However, we have acted on the principle of maintaining legal and ethical norms, recognizing that silence can have serious consequences.

We have not initiated any information leaks and have not attempted to burn bridges; we believe it is not fair to manipulate public opinion during the negotiation phase or to use employee appeals as threats. We are making our position public only today, when all legal mechanisms allow us to do so in accordance with the company’s charter and current laws. We inform you that we are aware of the situation and have initiated a regulatory process.

Firstly, we express our gratitude to Ucom’s employees for the journey shared together and for shaping the history of the Armenian telecom sector. In that history, Haik has made a significant contribution, for which we thank him. We are hopeful that he will continue to share his experience in Ucom’s management board as a co-owner. Furthermore, we believe that for the benefit of Ucom’s large team, all shareholders will find the strength to organize the processes with reasonable and measured steps, without harming any employee.

Addressing the informational myths circulated by the media, we emphasize that yes, Ucom is an Armenian company and, of course, it has not been sold, exchanged, or 'extradited' to any country for any 'deal.' The company has never considered and does not intend to consider giving up any of its employees. Regarding the shareholders, it is worth noting that since its founding, significant resources, social capital, and opportunities have been invested in the development of Ucom, continuing to believe in the vision of the U-team. By the way, over the 12 years, the shareholders have never taken dividends.

Looking ahead to Ucom’s development, we are confident that employees will judge the situation soberly, and the new CEO, together with the team, will ensure the continuity of the business, for which we plan to make new investments and attract opportunities.

Ucom is an institutional organization, and we are all responsible and accountable to our teammates, our customers, partners, and the broader public. Given the current situation in the country, where communication is vital for people, it is our duty to continue uninterrupted operations while maintaining reasonableness. Ucom exists and will remain an Armenian operator.”