Metromedia International Group (MMG) Looking for Opinions Message Board

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Technology Stocks : Metromedia International Group (MMG) Looking for Opinions

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To: TheSlowLane who wrote (240)	4/15/1999 7:36:00 PM
From: TheSlowLane	Read Replies (1) of 353

News item: U.S. firms invest $42.5 mln in Azeri phone network April 15, 1999 03:03 PM BAKU, April 15 (Reuters) - U.S. firms Metromedia International Telecommunications MMG and Omni Communications have invested $42.5 million in developing a wireless telephone network in Azerbaijan, Communications Minister Nadyr Akhmedov said. "(The firms) have allotted $42.5 million for the creation of an automatic telephone station, which will support a wireless service in Azerbaijan," state television showed Akhmedov saying at the inauguration of the new phone station late on Wednesday. He said Caspian-American Telecom CATEL -- a U.S.-Azeri joint venture between the Communications Ministry, Omni Communications and Metromedia -- would run the new telephone station. Akhmedov said the joint venture had already fitted the station with new equipment capable of handling 15,000 new numbers and that CATEL would be able to service 300,000 customers at the new station by 2001. "We also expect another $15 million in American investment in another telecommunications project in the near future," he said, without giving further details. Akhmedov said foreign investment in the telecommunications sector was some $40.5 million last year, and would be greater this year. It was unclear whether the figure was for 1998 alone or included all investment to date. "Foreign investors are aiding the development of Azerbaijan's telecommunications system and by 2004 we should be able to fully cover demand in the republic at an international standard," Akhmedov said. ((Lada Yevgrashina, Baku newsroom +99412 972075 moscow.newsroom@reuters.com)) REUTERS

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