Vimpelcom announced the sale of business in Kazakhstan to Veon holding for 54 billion rubles

Russian operator “Vimpelcom” (operating under the Beeline brand) sold to the Dutch telecommunications holding Veon business in Kazakhstan for 54 billion rubles, follows from the reporting of VimpelCom under IFRS.

According to the information in the report, on December 6, 2022, a subsidiary of VimpelCom, VEON Eurasia S rl, transferred to a subsidiary of the telecommunications holding Veon Holdings BV a 75% stake in VIP Kazakhstan Holding AG (owns a 100% stake in KaR-Tel LLP and indirectly – 100 % stake in KazEvroMobile LLP).

For this, VimpelCom received 54 billion rubles. It is specified that these funds were set off as repayment of the parent company’s debt to the operator.

In March 2022, VimpelCom also transferred the business in Kyrgyzstan to Veon. Then the telecommunications holding for $ 12.1 million received 50.1% of the shares of Kyrgyzstan Holding AG, which owns 100% of the shares of Menacrest AG (it owns 100% of the shares in Sky Mobile LLC and Balance KG LLC).