Competition Committee Approves 50% Stake Sale in Perfectum

Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan's Competition Promotion and Consumer Protection Committee has approved the acquisition of a 50% stake in Rubicon Wireless Communication, which operates under the Perfectum brand, the regulator's press service said.

The committee reviewed an application submitted by citizen F. Mamatjanov seeking approval for an economic concentration transaction. According to the application, the applicant intends to acquire a 50% stake in Rubicon Wireless Communication.

Following its review, a special commission concluded that the transaction would not have a negative impact on competition and approved the deal.

According to the Unified State Register of Enterprises and Organizations, Abdumalik Iminov currently owns 50% of Rubicon Wireless Communication. Another 37.5% is held by the foreign company IMC-Capital, while Kamron Akbarov owns the remaining 12.5%.

In March 2024, reports emerged that 100% of Perfectum had come under the control of Abdumalik Iminov. However, no information about the sale of the company was published in open sources or on the information resources of the Agency for State Assets Management. Preparations for the operator's privatization had been underway since 2020.

At the end of 2024, IMC-Capital and Kamron Akbarov became shareholders in Rubicon Wireless Communication. At the same time, the company's charter capital was increased more than 17-fold to 304.62 billion soums.

In August 2024, during an open dialogue with the president, Farhod Mamatjanov, the majority shareholder of Infinbank and founder of the textile company Uztex, announced plans for a new telecommunications project involving the British company Vodafone. He said the project envisaged developing the business on the basis of Perfectum in partnership with Uzcard.

It was also announced that the Finnish company Nokia was expected to participate in the project as a supplier of equipment and technology. According to Mamatjanov, total investment is estimated at 250 million euros, of which 100 million euros is expected to be financed through Uzpromstroybank with the support of Finland's export agency, while the remaining 150 million euros will be provided by the project's founders.