Founders and minority shareholders at the Armenian telecommunications company Ucom have announced that they are terminating the management of the company and founding a new company called Unet.

Brothers Hayk and Aleksandr Yesayan who control 6% of shares in the company they created in 2009, resigned weeks earlier, reportedly due to disagreements with the majority shareholders.

The brothers and their team started Ucom back in 2009, with several Armenian and Diaspora businessmen acquiring shares in the coming years. The brothers’ share is 6% now. The management staff and several hundred employees, however, resigned days earlier.

Hayk Yesayan was the Director General of Ucom prior to his resignation, which reportedly came amid disagreements between the senior staff and the shareholders, who went on to appoint a new CEO a week later.

In a video posted online, Hayk Yesayan said he and his team are starting a new company and promised to “create a better operator than the one we founded 12 years ago.”