TODAY.AZ / Business

Azerbaijan sells Catel for $6 million

17 January 2008 [10:18] - TODAY.AZ
Revaluation of the state-owned stake in the Caspian American Telecommunications LLC (CATEL) has been complete and a decision was made to privatize it, Karam Hasanov, chief of Azerbaijan’s State Committee for Public Property Management, said.

“CATEL was owned fifty-fifty. The company paid AZN 5 million ($6 million) to Azerbaijan for the stake,” he added.

Caspian American Telecommunications, LLC (CATEL) was established in 1997 by Azerbaijani Communications and Information Technologies Ministry and a United States consortium Omni-Metromedia Caspian Ltd. (OMCL).

In December, 2005, Azerbaijan's Ministry of Communications and Information Technologies granted a license to CATEL JV for provision of mobile services on the basis of CDMA (Code Division Multiple Access), which is a mobile digital radio technology that transmits streams of bits and whose channels are divided using codes (PN sequences and permits many radios to share the same frequency channel). This technology meets present-day standards, is environmental-friendly, durable and high-quality.

CATEL is the only mobile provider of CDMA services in Azerbaijan.

/APA/
URL: http://www.today.az/news/business/42398.html

Print version

Views: 1490

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail:

See Also