VEON may invest $200 mln in Uzbekistan's telecommunications sector - media

TASHKENT. Aug 19 (Interfax) - International telecommunications holding VEON may invest $200 million in a telecommunications project in Uzbekistan, the largest shareholder of Uzbekistan's InfinBank and mobile operator Perfectum, Farkhod Mamadjanov, was quoted as saying by the television channel Uzbekistan 24.

The parties reached corresponding agreements in June this year and are now ready to sign an agreement on attracting investment, Mamadjanov said.

"Two years ago at a meeting in Karakalpakstan, I reported on plans to attract Vodafone [a British mobile operator] to Perfectum. However, instead we started working with the Dutch company VEON. Now one issue remains. In June, we reached all agreements, they [VEON] are ready to sign an agreement on attracting $200 million in investment. We need help in obtaining a conclusion from the Committee for the Development of Competition," Mamadjanov said.

The portal gazeta.uz, for its part, reports that VEON may acquire a stake in Perfectum. The size of the acquired stake is not disclosed. At the same time, it is specified that the committee reviews economic concentration transactions when it comes to acquiring more than one third of a stake in a company.

Uzbekistan's Committee for the Development of Competition on July 16 approved Mamadjanov's application to acquire 50% of the charter capital of Rubicon Wireless Communication LLC, the legal entity of mobile operator Perfectum.

In August 2024, Mamadjanov at a meeting with the Uzbek president reported on plans to launch a 5G Standalone mobile network in the country jointly with the UK's Vodafone. The investment in the project was estimated at 250 million euros.

VEON is an international telecommunications holding with headquarters in Amsterdam. It includes Beeline Uzbekistan (100% owned by VEON UZB Holding Ltd).