Greek company OTE (Hellenic Telecommunications Organization SA) first said it was planning to sell the stake in Armenia's fixed-line communications monopolist and a mobile operator in April.
"OTE received a total of 10 non-binding offers for its 90% stake in ArmenTel, the incumbent telecommunications operator in Armenia," OTE said Thursday on its Web site.
But Russia's two largest mobile operators will face strong competition from other foreign bidders.
"After reviewing the bids, the following companies were invited to participate in the next phase of the sale process: a) AO Vimpelcom; b) Mobile Telesystems (MTS) OJSC; c) The consortium, Emirates Telecommunications Corporation (ETISALAT) / Istithmar PJSC / Emergent Telecom Ventures (ETV); d) The consortium, VTEL Holdings / Knightsbridge Associates," OTE said.
ArmenTel's turnover in 2005 was $140 million.
The Armenian government holds 10% in ArmenTel, which with about 330,000 users as of late March 2006 counts just over a tenth of the country's population as its clients.
The winner of the tender is expected to be announced after July 20.
