VEON sells business in Armenia

AK&M 30 October 2020 13:42

VEON has entered into an agreement to sell VEON Armenia, the operating company of VEON. The deal is expected to close shortly, VEON informed.

The sale of divisions in Armenia is in line with VEON's plans to streamline the group's structure and to increase its operational focus towards markets offering attractive long-term growth opportunities, the statement notes.

VEON is a global provider of communications and Internet services listed on NASDAQ and Euronext Amsterdam. The holding includes JSC VimpelCom (employing the Beeline brand).

PJSC Vimpel-Communications (VimpelCom, tax number: 7713076301) is a cellular operator operating in Russia and the CIS countries. The company provides services under the Beeline brand to over 63 million subscribers in Russia, Kazakhstan, Ukraine, Uzbekistan, Georgia, Armenia, Kyrgyzstan, and Laos. Since 2009, the company has been operating as part of the international group Veon Ltd.

VimpelCom's authorized capital is RUB 288,538. It consists of 51,281,022 common and 6,426,600 preferred shares with a face value of RUB 0.005.

Revenue of PJSC VimpelCom for the third quarter of 2020 decreased by 6.8% to RUB 69.6 billion. Service revenue in the mobile segment decreased by 10.1% to RUB 52.4 billion. Revenue from fixed-line services advanced by 9.1% to RUB 9.6 billion. EBITDA contracted by 18.3% to RUB 27.7 billion.