Which Company Wants to Acquire the Entire Stake of ‘MTS Armenia’: Hetq

The Cyprus-registered company, Fedilco Group Limited, intends to acquire the entire stake of MTS Armenia LLC. This was reported by Hetq.

MTS Armenia LLC submitted a request to the Public Services Regulatory Commission on November 3 to approve the transfer of control over MTS Armenia LLC. According to the request, Fedilco Group Limited seeks to purchase 100% of the company’s shares from Aramayo Investments Limited.

Given that MTS Armenia LLC and the organizations within its current ownership structure are owned by the Russian public joint stock company, Mobile TeleSystems, the completion of this transaction would mean that the company would no longer be a participant in the MTS Group.

The Minister of High-Tech Industry stated in a letter dated November 9 that there are no objections regarding the transaction. They also presented the stance of the National Security Service, which has no comments concerning the transaction.

Thus, since there are no grounds for rejecting the execution of the transaction, the PSRC is expected to approve the sales transaction on November 15.

Now let’s discuss the companies registered in Cyprus, for which there is no information about the actual shareholders in official sources. According to the state registry of Cyprus companies, Fedilco Group Limited was registered on April 20, 2022. It has a 75% and 25% stake held by two Cyprus-registered companies: Nofal Holdings Limited and Ortasano Investments Limited, respectively.

Nofal Holdings Limited was registered on April 18, 2022, and is wholly owned by Wimted Limited. Wimted Limited was registered on July 6 of the same year. This chain ends here, as the ultimate shareholder is Andreas Ourris, a citizen of Cyprus. He is a director, manager, or shareholder in several other companies registered in Cyprus, suggesting he may be a nominee to hide the actual beneficiaries.

The minor shareholder of Fedilco Group Limited, Ortasano Investments Limited, consolidates into one company, namely Wimted Limited.

The media reports that there is almost no public information regarding any of these companies, except for media publications concerning the sale of MTS Armenia LLC. They were all registered in 2022 and do not engage in any activities in the sector.

We inquired with the Public Services Regulatory Commission whether they consulted about who the actual beneficiaries of the Cyprus-registered Fedilco Group Limited are before granting approval for the sale, and requested them to disclose their names. According to the latest declaration of actual beneficiaries registered in the State Registry of Legal Entities of the RA, Vladimir Yevtushenkov has a 20.7% stake in MTS Armenia LLC through several intermediary companies. This means his stake is indirect. No other actual beneficiaries are mentioned in the declaration. The company provided a significant explanation in the declaration regarding how Yevtushenkov's stated 20.7% stake has been formed.

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