13 Aug 2025
VEON Completes Sale of Beeline Kyrgyzstan Dubai, August 12, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON ), announces that it has completed the sale of its 50.1% indirect stake in Sky Mobile LLC, operating under the Beeline brand in Kyrgyzstan, to Open Joint Stock Company Eldik Bank ( Eldik Bank ). The transaction was completed following receipt of all necessary regulatory approvals.
This transaction follows VEON's previously announced strategy to simplify its group structure and optimize its portfolio, focusing on countries with larger populations and with opportunities to grow multiple scalable digital businesses in addition to its connectivity offerings.
The sale was conducted through Menacrest AG, the parent company of Sky Mobile LLC1. After VEON announced its intent to sell its stake in Beeline Kyrgyzstan to CG Cell Technologies on March 26, 2024, the Government of the Kyrgyz Republic exercised its right of first refusal and designated Eldik Bank, a state-owned financial institution, to acquire 100% of Sky Mobile LLC for and on behalf of the Government. As previously announced, the parties then entered into negotiations regarding the terms of the sale. Eldik Bank paid the full transaction value upon completion.
The sale of our Kyrgyzstan operations marks another important step in VEON's portfolio optimization, said Kaan Terzioglu, VEON Group CEO. Beeline Kyrgyzstan has excelled in expanding 4G coverage and advancing our digital operator model, and we are confident this exceptional team will continue to thrive under Eldik Bank's ownership. We thank our joint venture partner, Verny Capital, and the Government of Kyrgyzstan.
1VEON holds a 50.1% indirect stake in Menacrest AG, and the remaining 49.9% is held by Crowell Investments Limited, part of Verny Capital Group.
About VEON
VEON is a Nasdaq-listed digital operator that provides converged connectivity and digital services to about 160 million customers. Operating across five countries that are home to more than 6% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. 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 investment 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 Communications
pr@veon.com
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