Perfectum and the owner of Beeline Uzbekistan are preparing a $200 million deal, which is awaiting approval.

Perfectum and the owner of Beeline Uzbekistan are preparing a $200 million deal, pending approval.

Entrepreneur Farkhod Mamadzhanov announced an agreement with the international telecommunications holding VEON to attract $200 million in investment for a telecommunications project in Uzbekistan. He announced this on August 18 during a meeting with the president in the Khorezm region, as reported by Gazeta.

Farkhod Mamadzhanov, the largest shareholder of InfinBank and an investor in the mobile operator Perfectum, recalled that approximately two years ago, at a meeting in Karakalpakstan, he informed the head of state of his intentions to attract the British company Vodafone.

"A year or two ago, at a meeting in Karakalpakstan, I informed you of plans to attract […] Vodafone. However, instead, we began working with the Dutch company VEON," he stated in a report on the Uzbekistan 24 television channel.

VEON is an international telecommunications holding company headquartered in Amsterdam. Its structure includes Beeline Uzbekistan, which is 100% owned by VEON UZB Holding Ltd.

According to the entrepreneur, the parties reached all agreements back in June and are now ready to sign an agreement to attract $200 million in investments.

"One question remains. We reached all the agreements in June, and they are ready to sign an agreement to attract $200 million in investments. We need help obtaining an opinion from the Competition Development Committee. We are talking about $200 million in investments that we will attract," emphasized Farkhod Mamadzhanov.

After this, Shavkat Mirziyoyev inquired whether a representative of the Competition Development Committee was present at the meeting.

The committee's chairman, Khalilillo Turakhuzhaev, reported that a request for preliminary approval for the economic concentration transaction was received on July 24.

"We are currently studying the mobile communications market. One or two issues remain to be worked out." "If all goes well, we will issue a conclusion before Entrepreneurs' Day," the committee head said.

The president stated that he would personally oversee the matter.

"Okay, Farkhod, I will personally oversee this matter," promised Shavkat Mirziyoyev.

On July 16, the Competition Development Committee approved Farkhod Mamadzhanov's application to acquire a 50% stake in the authorized capital of Rubicon Wireless Communication LLC, the legal entity of the mobile operator Perfectum.

According to the Unified State Register of Enterprises and Organizations, at that time, 50% of Rubicon Wireless Communication was owned by Abdumalik Iminov, 37.5% by IMC-Capital LLC, and another 12.5% by Kamron Akbarov. The company's authorized capital was 304.62 billion soums, which increased to 572.4 billion soums after the transaction.

Currently, the founders include Mamadzhanov (50%), IMC-Capital (41.23%), and Kamron Akbarov (8.77%).

Perfectum was fully privatized in early 2024, but information about the sale of shares has not been published in public sources. At that time, 100% of the operator's shares belonged to Abdumalik Iminov. IMC-Capital and Kamron Akbarov later joined the founders, after which Iminov's stake was reduced to 50%.

In August 2024, Farkhod Mamadzhanov, at a meeting with the president in Nukus, announced plans to launch a 5G Standalone mobile network in Uzbekistan jointly with the British company Vodafone.

At the time, he stated that the investment in the project would amount to €250 million, and its launch was expected in the first quarter of 2025. The plan was to create approximately 1,000 jobs.

The Finnish company Nokia was to supply the equipment and technology. According to the businessman, €100 million was planned to be raised through Uzpromstroibank with the support of the Finnish Export Agency, with another €150 million coming from the founders.

Farkhod Mamadzhanov is also a founder or participant in several companies, including UZTEX TASHKENT, Azia Trans Terminal, Rakat Plaza, Sofa Marva Tour, Terassa, and Safo Airlines.

In particular, he owns 60% of Safo Airlines, established in May. Mikhail Alenkin owns another 30%, and Avazjon Toshpulatov 10%. The company's listed primary activity is ancillary services in the air transport sector.