The Armenian government should complete the flotation its telephone company Armentel, a joint venture with Transworld Telecommunications Inc, by the end of the third quarter of 1997, Merrill Lynch International, the main adviser to the sale told Reuters. As part of the deal Transworld is expected to sell its 49% stake in the firm. Twenty global telecommunications companies are expected to make a bid for Armentel, which owns 700,000 lines for a population of around 3.5 million.
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