Competition Promotion and Consumer Protection Committee has approved the acquisition of a 50% stake in Rubicon Wireless Communication—operating under the Perfectum mobile brand—by businessman Farkhod Mamatdjanov.
According to the committee’s press service, the agency reviewed the entrepreneur's application requesting regulatory clearance for market concentration. A special commission concluded that the acquisition would not negatively impact market competition. Consequently, the application was approved, and the transaction was cleared.
Back in August 2024, Farkhod Mamatdjanov - introducing himself as the owner of UzTex Group, principal shareholder of InfinBank, and owner of various other enterprises—briefed President Shavkat Mirziyoyev on ambitious plans to launch a 5G Standalone mobile network in Uzbekistan in partnership with British telecom giant Vodafone.
"We privatized Perfectum... and we have begun working to roll out a 5G Standalone mobile network in Uzbekistan alongside Vodafone, one of the world's leading tech companies," he stated at the time.
According to him, the project required a total investment of €250 million. Of this amount, €100 million was slated to be secured from Finland’s export credit agency via Uzpromstroybank, while the remaining €150 million was to be injected directly by the company's founders. Finnish tech giant Nokia was designated as the equipment and technology supplier, with the UAE-based technology group e& serving as the technical partner.
The network deployment was originally slated for the first quarter of 2025, with plans to generate 1,000 new jobs. Mamatdjanov emphasized that the ultimate vision behind the initiative is to establish a dominant national mobile carrier.
In March 2024, it emerged that Perfectum—which was previously 65% state-owned—had fully transitioned to private ownership. The operator's corporate entity, Rubicon Wireless Communication LLC, became 100% owned by businessman Abdumalik Iminov, with Dmitry Shukov listed as the company's chief executive.
According to current corporate registry data, Iminov now holds a 50% stake, while the foreign enterprise IMC-Capital—which is entirely controlled by the UAE-registered Berill Holding Company Limited—holds 37.5%, and Kamron Akbarov owns the remaining 12.5%.
Beyond its equity in Perfectum, IMC-Capital previously held a 75% stake in UCMG. In July 2024, UCMG secured fiduciary management rights for the Common Republican Processing Center (the operator of Uzcard), the ATTO transit payment system, and Plum Technologies.
Plans to privatize the government's share in Perfectum were first unveiled back in 2020. At that time, the state controlled 65% of the mobile carrier, while the remaining 35% belonged to Amis Protrade International. Detailed information regarding the subsequent sales of these equity shares was never disclosed in publicly available sources.
