VEON sells 50.1% stake in Beeline Kyrgyzstan to Eldik Bank.

VEON Ltd. has completed the sale of its 50.1% stake in Beeline Kyrgyzstan to Eldik Bank, a state-owned financial institution. The sale follows VEON's strategy to simplify its structure and focus on countries with larger populations and growth opportunities. The transaction was conducted through Menacrest AG and received all necessary regulatory approvals.

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 following receipt of all necessary regulatory approvals.

This sale aligns with VEON's strategy to simplify its group structure and optimize its portfolio, focusing on countries with larger populations and opportunities to grow multiple scalable digital businesses. The sale was conducted through Menacrest AG, the parent company of Sky Mobile LLC.

In March 2024, VEON initially intended to sell its stake in Beeline Kyrgyzstan to CG Cell Technologies. However, 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. Following the government's decision, the parties negotiated the terms of the sale, which Eldik Bank completed by paying the full transaction value.

Kaan Terzioglu, VEON Group CEO, commented on the sale, stating, "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."

About VEON
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. For more information, visit www.veon.com.

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