Mamatjanov asks Mirziyoyev to help secure US$200m from VEON

Tashkent, Uzbekistan (UzDaily.uz) — Uzbek businessman Farhod Mamatjanov, a majority shareholder of InfinBank and founder of Uztex Group, has asked Uzbek President Shavkat Mirziyoyev to help speed approval of a deal with multinational telecommunications company VEON that is expected to bring in US$200 million. Mamatjanov made the request on 18 August during the president’s open dialogue with entrepreneurs.

According to the businessman, his company completed negotiations with VEON in June and reached all agreements on attracting the financing. To sign the agreement, the company needs preliminary approval from the Committee for Competition Development and Consumer Protection.

“In June, we reached all the agreements. They are ready to sign a contract to attract US$200 million. Our only issue is whether you could help us obtain the conclusion from the Competition Committee. We will attract these US$200 million,” Mamatjanov said.

Committee Chairman Khalilillo Turakhuzhaev said that Mamatjanov’s company filed an application on 24 July seeking preliminary approval for the economic concentration transaction.

The committee is currently studying the mobile communications market and reviewing the remaining issues related to the deal. According to Turakhuzhaev, the conclusion is expected to be issued by Entrepreneurs’ Day on 20 August.

Mirziyoyev said he would personally oversee the matter.

“Okay, I will personally oversee this issue, Farhod,” the president told the businessman.

Mamatjanov’s telecommunications project was initially associated with Britain’s Vodafone. In August 2024, during an open dialogue with the president in Karakalpakstan, the businessman said he planned to involve Vodafone in developing the project on the basis of mobile operator Perfectum.

At the time, Mamatjanov estimated total investment in the project at €250 million. Finland’s Nokia was also expected to participate as a supplier of equipment and technology. According to the businessman, €100 million was planned to be raised through Uzpromstroybank with the participation of the Finnish side, while another €150 million was to be provided by the founders.

Mamatjanov’s group later began working with the Netherlands-based VEON, which owns Beeline Uzbekistan. In June, the two sides reached an agreement to attract US$200 million, according to the businessman.

The material also provides information on the ownership structure of Perfectum. In mid-July, the Competition Committee announced that it had approved a transaction for the sale of a 50% stake in mobile operator Perfectum.

A special commission reviewed Mamatjanov’s application to acquire a 50% stake in Rubicon Wireless Communication, which operates under the Perfectum brand, and concluded that the transaction would not have a negative impact on the competitive environment.

According to data from the Unified State Register of Enterprises and Organizations, 50% of Rubicon Wireless Communication is owned by Farhod Mamatjanov. The remaining shares are held by shareholders of the Unified Republican Processing Center Uzcard: 41.23% belongs to foreign company IMC-Capital and another 8.77% to Kamron Akbarov.

In March 2024, information emerged that 100% of Perfectum had been transferred to Iminov. However, information about the sale of the company was not published in open sources or on the channels of the Agency for Management of State Assets. Preparations for Perfectum’s privatization had been underway since 2020.

IMC-Capital and Kamron Akbarov later became founders of Perfectum. Following this, the company’s charter capital increased more than 17-fold to 304.62 billion soums.

Preliminary approval from the Competition Committee is required for economic concentration transactions that may affect the competitive environment. In particular, such approval is required when a party obtains the right to control more than 25% of the voting shares of a joint-stock company or more than one-third of the charter capital of a limited liability company, provided the financial criteria established by law are met.

To obtain approval, an applicant must submit an application and documents to the committee covering the business activities and financial results of the parties to the transaction, the composition of their corporate group and their ultimate beneficial owners.

If a transaction does not affect competition, the application is reviewed within 30 calendar days. If it could restrict competition, the additional review period may be extended by a maximum of two months.

Following its review, the committee may grant preliminary approval, reject the application or approve the transaction subject to conditions aimed at preserving competition.