VEON Completes Sale of Beeline Kyrgyzstan to Eldik Bank

VEON has completed the sale of its 50.1% indirect stake in Beeline Kyrgyzstan to Eldik Bank, following receipt of all necessary regulatory approvals. This sale is part of VEON's strategy to simplify its group structure and focus on countries with larger populations and opportunities for scalable digital businesses. VEON CEO Kaan Terzioglu expressed confidence in the team's ability to thrive under Eldik Bank's ownership.

Dubai, August 13, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator, 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 finalized after receiving all necessary regulatory approvals.

This sale aligns with VEON's strategy to simplify its group structure and focus on markets with larger populations and opportunities for scalable digital businesses. The transaction follows VEON's previously announced plan to divest non-core assets and optimize its portfolio [1].

The sale was executed through Menacrest AG, the parent company of Sky Mobile LLC. Following VEON's initial intent to sell its stake in Beeline Kyrgyzstan to CG Cell Technologies in March 2024, the Government of the Kyrgyz Republic exercised its right of first refusal, designating Eldik Bank, a state-owned financial institution, to acquire 100% of Sky Mobile LLC for and on behalf of the Government. Eldik Bank paid the full transaction value upon completion [2].

Kaan Terzioglu, VEON Group CEO, commented, "The sale of our Kyrgyzstan operations marks another important step in VEON’s portfolio optimization. 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."

VEON is a Nasdaq-listed digital operator that provides converged connectivity and digital services to over 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 [1].

References:
[1] https://www.globenewswire.com/news-release/2025/08/13/3132289/0/en/VEON-Completes-Sale-of-Beeline-Kyrgyzstan.html
[2] https://www.stocktitan.net/news/VEON/veon-completes-sale-of-beeline-viqwjfk14m09.html