BTC To Invest 110 mln Euros For Modernization This Year

BTC To Invest 110 mln Euros For Modernization This Year

Bulgaria's dominant telecoms firm BTC, owned by insurer AIG, said it will invest 110 million euros ($173.6 million) this year to improve its services and expand its broadband network.

"We will invest a 20 percent share of the total revenue of BTC in upgrading our network and services," BTC Chief Executive Officer Bernard Moscheni told reporters. BTC's revenue was 970.7 million leva ($783.5 million) last year.

AIG's investment arm, AIG Global Investment Group, which took over the telecoms firm last year, has made a buyout offer to minority investors and plans to delist the company by July, Moscheni said.

Mobile operator Vivatel's subscribers reached 1.1 million people, and those of BTC total 2.2 million he also said. BTC Group launched four new ADSL plans for Internet access yesterday. Vivatel is also introducing new plans with free mobile Internet time.

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