VEON announces sale of stake in Beeline Kyrgyzstan, increasing the focus on its large markets

26/03/2024

26 Mar 2024

VEON announces sale of stake in Beeline Kyrgyzstan, increasing the focus on its large markets Amsterdam, 26 March 2024: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, announces that it has signed an agreement for the sale of its 50.1% indirect stake in Beeline Kyrgyzstan to CG Cell Technologies, which is wholly owned by CG Corp Global.

The sale is a part of VEON's strategy to simplify the Group's structure and focus on its large markets where it can create scale with its DO1440 digital operator model, providing digital services in finance, entertainment, healthcare and education. The transaction values Beeline Kyrgyzstan's business at 3.4x 2023 EBITDA (pre-IFRS16).

Over the past 2 years, we have transformed Beeline Kyrgyzstan into a winning operation, with 7 consecutive quarters of double-digit revenue growth, high penetration and quality of 4G services and solid foundations in digital offerings. I am proud of the work that the team has achieved under Andrey Pyatakhin's leadership; and pleased to pass the baton to Chaudhary Group to develop Beeline's work further and with greater focus, supporting the digital transformation of Kyrgyzstan, said Kaan Terzioglu, Group CEO of VEON.

CG Corp Global issued the following statement on the agreement: We are very pleased to become a major investor in the Kyrgyzstan telecommunications market with the purchase of the majority stake in Beeline Kyrgyzstan. We are excited to cooperate with our partners in this joint venture as we continue to develop the business, ensuring that customers continue to get the modern, high-quality and reliable connectivity and digital services they have come to expect.

Completion of the sale of VEON's stake in Beeline Kyrgyzstan, which is held by VIP Kyrgyzstan Holding AG, to CG Cell Technologies Designated Activity Company is subject to relevant regulatory approvals.

About CG Corp Global

CG Corp Global is a multinational conglomerate having spanning interests and significant presence in various sectors including FMCG, hospitality, education, communications, financial services, infrastructures and real estate. Headquartered in Dubai, the corporation encompasses over 160 companies and 123 brands across the globe.

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: www.veon.com

Disclaimer

This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON's strategy and divestment plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

Contact Information

VEON

Hande Asik

Group Director of Communication

pr@veon.com

This website stores cookies on your computer. These cookies are used to improve vour website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy

We wont track your information when you visit our site. But in order to comply with your preferences, well have to use just one tiny cookie so that youre not asked to make this choice again.

AcceptDecline

LINK:	https://www.veon.com/newsroom/press-releases/veon-announces-sale-of-st...
	See more stories from vimpel

VEON announces sale of stake in Beeline Kyrgyzstan, increasing the focus on its large markets

More from VimpelCom

19/12/2024

13/12/2024

12/12/2024

11/12/2024

09/12/2024

05/12/2024

03/12/2024

02/12/2024

29/11/2024

25/11/2024

21/11/2024

21/11/2024

20/11/2024

19/11/2024

15/11/2024

14/11/2024

13/11/2024

12/11/2024

11/11/2024

08/11/2024

07/11/2024

05/11/2024

05/11/2024

01/11/2024

01/11/2024

29/10/2024

25/10/2024

24/10/2024

21/10/2024

21/10/2024

21/10/2024

17/10/2024

14/10/2024

14/10/2024

09/10/2024

02/10/2024

30/09/2024

30/09/2024

27/09/2024

16/09/2024

13/09/2024

12/09/2024

09/09/2024

02/09/2024

30/08/2024

27/08/2024

14/08/2024

08/08/2024

01/08/2024

29/07/2024