Russian mobile operator Vimpelcom (Brand Beeline) sold its business to Veon holding company in Kazakhstan. The deal amounted to 54 billion rubles. The funds were credited as payment of the parent company’s loan debt to the operator.
Interfax informed in this regard with reference to the Vimpelcom report under IFRS published on April 28, 2023.
At the beginning of December 2022, Veon Eurasia Sarl, a subsidiary of VimpelCom, transferred 75% of the shares of VIP Kazakhstan Holding AG (it is a subsidiary of the Russian operator, which owned Kar-tel LLP and indirectly participated in operating organizations in Kazakhstan LLP “Casermobile”) Veon Holdings BV
- In November 2022, the Dutch holding company Veon signed an agreement to sell VimpelCom (Beeline brand) to its top Russian managers. The holding could receive 130 billion rubles from the sale. The procedure was scheduled to be completed on June 1, 2023.
- The deal immediately drew questions from regulators and creditors. Some Eurobond holders have initiated litigation. In this sense, Veon launched a liquidation procedure in the United Kingdom to obtain the consent of the holders of bonds for a value of 1,200 million dollars due in 2023 to defer it.
- In January 2023, VimpelCom sued the Central Bank. The operator decided to challenge the regulator’s decision on bond payments from foreign companies.
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