The sale is part of Veon’s strategy to simplify its structure and focus on its large markets where it can create scale, the company said in a release.
This will be done with its DO1440 digital operator model, providing digital services in finance, entertainment, healthcare and education.
“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,” said Kaan Terzioglu, Group CEO of Veon.
“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.”
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 is subject to relevant regulatory approvals.
