ECONOMY

Armenian deal for Intracom

Intracom Telecom, majority-owned by Russia’s Sitronics, said yesterday it has signed a $24 million (17.5-million-euro) deal with Armenia’s K-Telecom to expand its 2.5G mobile network, the Greek company said yesterday. Intracom Telecom will provide infrastructure work, installation and integration services in cooperation with Alcatel-Lucent, the main vendor provider, it said in a statement. The project, scheduled to be completed by the end of the first quarter next year, aims at enabling VivaCell-MTS to expand the access capacity of its GSM/GPRS network, it added. Intracom Telecom, 49 percent-held by Greece’s Intracom Holdings, is present in more than 50 countries. Shares in Intracom Holdings, which has a market value of 93.1 million euros, gained 1.45 percent yesterday to end at 0.70 euros. The Athens Exchange’s benchmark general index fell yesterday 1.99 percent to 1,774.28 points.