Uzbek businessman Farkhod Mamadjanov has struck a preliminary deal with Amsterdam-based telecom holding VEON to bring $200 million in investment into Perfectum, a mobile operator he partly owns, he told President Shavkat Mirziyoyev at a meeting in Khorezm province on Tuesday.
Mamadjanov, the largest shareholder of InfinBank, said the sides finalized terms in June and are ready to sign, pending clearance from the Competition Promotion Committee. He noted the deal marks a shift from earlier plans, disclosed to Mirziyoyev two years ago, to bring in Britain's Vodafone instead.
VEON already owns Beeline Uzbekistan through its local subsidiary. The size of the stake it would acquire in Perfectum has not been disclosed, though regulatory review is only required for purchases exceeding one-third of a limited liability company.
Committee chairman Khalildullo Turakhujayev said the agency received VEON's application on July 24 and expects to issue a decision before Entrepreneurs' Day, pending a few remaining points of review. Mirziyoyev said he would personally follow up on the matter.
Mamadjanov already holds a direct stake in Perfectum's parent entity, Rubicon Wireless Communication LLC, after the competition committee approved his purchase of a 50% share on July 16. The deal lifted the company's charter capital from 304.62 billion soums ($25.6 million) to 572.4 billion soums ($48.1 million). Rubicon's other shareholders are IMC-Capital (41.23%) and Kamron Akbarov (8.77%).
Perfectum was privatized in early 2024, though the terms were never made public. Businessman Abdumalik Iminov initially held the full stake before selling down to 50% as IMC-Capital and Akbarov came on board.
