VEON Announces Sale of Stake in Beeline Kyrgyzstan, increasing the focus on its large markets
26 Mars 2024 - 1:07PM
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 GlobalCG 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
VEONHande Asik Group Director of Communications
pr@veon.com
VEON (NASDAQ:VEON)
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