Dutch holding company Veon has announced a competitive sale of its Russian asset Vimpelcom (Beeline brand). The company is now exploring options to achieve the best possible outcome for all stakeholders. RB.RU sent a request to VimpelCom.
The press service of “Beeline” RB.RU confirmed the intention of the holding company to withdraw from the asset. The foreign origin of the shareholder has imposed many restrictions on the operator in the current political situation. Because of this, Beeline is in a less favorable position compared to other players in the telecoms market, the representatives said.
In June, according to first quarter results, Veon reported a $449 million deterioration in Russian business. In early February, Veon announced its desire to change its registration from Bermuda to the UK, but in April suspended this process.
In August, the company announced the risks of stopping development due to sanctions, which led to difficulties with the supply of equipment to Russia. If the sanctions are maintained, the development of the network will be frozen. The operator explained the risks due to the difficulties with the supply of equipment to Russia, arising from the sanctions announced by the United States against the technology sector. The sanctions will lead to the halving of imports of high-tech products to Russia, the White House estimated.
Veon brings together telecom operators in Russia, Ukraine, Pakistan, Algeria, Kazakhstan, Uzbekistan, Bangladesh, Kyrgyzstan, Armenia, and Georgia. The largest shareholder of the holding company is the LetterOne group of billionaire Mikhail Fridman: it owns 47.9% of the company’s shares.
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