International telecommunications holding VEON, which owns Beeline Uzbekistan, may acquire a stake in mobile operator Perfectum. The deal involves attracting $200 million in investments.

Entrepreneur Farkhod Mamadzhanov announced the arrangements on August 18 during a meeting with the president in Khorezm region.

Vodafone replaced by VEON

About two years ago during a meeting in Karakalpakstan, the same entrepreneur reported to the head of state plans to attract British Vodafone. According to him, instead work began with Dutch company VEON — a holding headquartered in Amsterdam, which owns 100% of Beeline Uzbekistan through VEON UZB Holding Ltd.

All agreements were reached in June, and the parties are ready to sign an agreement.

What is slowing down the deal

One question remains — approval from the Competition Development Committee. The application for preliminary approval of economic concentration was submitted to the agency on July 24.

The committee chairman reported that the study of the mobile market continues and approval may be issued before Entrepreneurs' Day. The president stated he would take personal control of the matter.

How the procedure works

The committee considers economic concentration deals if more than 1/3 stake in an LLC is acquired. The size of the stake being purchased by VEON has not yet been disclosed.

  • if the deal does not affect competition — notification is sent no later than 30 calendar days from registration;
  • if there is risk of limiting competition, review period may be extended up to two months;
  • the regulator may involve experts to assess deal consequences.

Based on the submission date, the standard review period expired on August 23.

How Mamadzhanov entered Perfectum

On July 16, the Competition Development Committee approved the entrepreneur's application to acquire 50% stake in Rubicon Wireless Communication LLC — the legal entity of Perfectum operator.

Before the deal, stakes were distributed as follows: 50% — Abdumalik Iminov, 37.5% — IMC-Capital LLC, 12.5% — Kamron Akbarov. Charter capital was 304.62 billion som, after the deal it increased to 572.4 billion som.

Current structure: Mamadzhanov — 50%, IMC-Capital — 41.23%, Kamron Akbarov — 8.77%.

Perfectum was fully privatized in early 2024, but information about stake sales was not published in open sources.

Unrealized Vodafone project

In August 2024, the entrepreneur announced plans to launch 5G Standalone network jointly with Vodafone. Investment volume was estimated at 250 million euros, launch was expected in Q1 2025, and around 1,000 jobs were planned to be created.

Finnish Nokia was to be the equipment supplier. From the total amount, 100 million euros were expected to be attracted through Uzpromstroibank with support from Finland's export agency, another 150 million euros — from founders.

Entrepreneur's other assets

Farkhod Mamadzhanov is the largest shareholder of InfinBank. He is also founder or shareholder of several companies: UZTEX TASHKENT, Azia Trans Terminal, Rakat Plaza, Sofa Marva Tour, Terassa, and Safo Airlines.

In Safo Airlines, created in May, he owns 60%, Mikhail Alenkin owns 30%, Avazjon Toshpulatov owns 10%.

Diversification of assets across telecom, banking, and aviation is a characteristic model for major local capital: it reduces dependence on one sector, while participation in Uzbekistan banks provides access to financing for other directions.

This material is informational in nature and is not an investment recommendation.