Content |
Owners
Beeline - part of the VimpelCom Ltd group of companies
History
2025
State-owned Eldik Bank bought Beeline Kyrgyzstan
The state-owned Eldik Bank of Kyrgyzstan successfully completed the acquisition of a 100% stake in Sky Mobile, which provides telecommunications services under the Beeline brand in the republic. The deal was an important stage in the formation of the bank's digital ecosystem and strengthening its technological infrastructure. This was announced on August 13, 2025 by the chairman of the board of Eldik Bank Ulanbek Nogaev.
The transaction was conducted in accordance with international standards of corporate mergers and acquisitions, including comprehensive legal, technical, financial and tax review. The main contract for the purchase and sale of the share was concluded within the framework of the law of England and Wales, which corresponds to the international practice of ensuring transparency and legal protection of the parties.
The sellers of the stake in the telecommunications company were the international group VEON Ltd. with headquarters in the United Arab Emirates and the investment company Crowell Investments Ltd, which is part of the Kazakhstan group Verny Capital. The transaction was implemented in compliance with international investment banking and corporate governance standards.
Ulanbek Nogaev noted that the acquisition of Sky Mobile represents a step towards the formation of a powerful digital platform combining banking and communication technologies. According to him, this transaction was implemented with the support of the President of the Kyrgyz Republic Sadyr Japarov, which emphasizes the strategic importance of the transaction for the country's economy.
The head of the bank stressed that the purchase of a telecommunications asset is aimed at developing the Kyrgyz economy and improving the quality of life of citizens. The use of international legal mechanisms and best practices of mergers and acquisitions demonstrates the course of Eldik Bank towards integration into the global financial and economic space.[1]
Veon was not allowed to leave Kyrgyzstan - the authorities banned the sale of the Sky Mobile mobile operator to the Nepalese group for $32 million
The deal to sell the Kyrgyz telecom operator Sky Mobile for $32 million did not receive government approval. Kyrgyzstan The authorities announced their intention to exercise the pre-emptive right to buy out a controlling stake in the amount of 50.1% of the shares. The operator operates under the brand "Beeline Kyrgyzstan" and is part of the international group. Veon The decision to block the deal sent to the Nepalese company CG Corp Global was announced on June 10, 2025.
According to CNews, the deal to sell Sky Mobile was concluded in March 2024. The parties planned to complete the operation by March 31, 2025, but the Kyrgyz authorities stopped the process, citing their first refusal rights.
Veon documents indicate that the group is in talks with the Kyrgyz authorities regarding the fate of its package in Sky Mobile. The object of the transaction was supposed to be 50.1% of the shares of the telecom operator.[2]
2024: Veon sells stake in Beeline Kyrgyzstan
On March 26, 2024, Veon holding announced the sale of its 50.1 percent stake in the telecommunications operator Beeline Kyrgyzstan. The asset is being bought out by CG Cell Technologies, which is part of Aktiv Corp Global's Nepalese group of more than 200 companies and 260 brands worldwide.
and Financial other parameters of the deal were not disclosed at the time of its announcement. Veon only noted that the sale of the Kyrgyz subsidiary is part of the holding's strategy to simplify the structure and is associated with an emphasis on larger markets for presence, where Veon can develop with the help of its digital operator model DO1440, which provides digital services in the field of finance, entertainment, health care and, Veon said in a formations statement.
At the same time, CG Corp Global promises to continue the development of the infrastructure of Beeline Kyrgyzstan and provide subscribers with "modern, high-quality and reliable communication." To close the transaction on the sale of the operator Veon, it is necessary to obtain the approval of regulators.
According to Veon, the value of Beeline Kyrgyzstan is estimated at 3.4x EBITDA (company profit before interest, taxes, depreciation and amortization) at the end of 2023. Then the EBITDA indicator "Beeline Kyrgyzstan" increased by 15%, to $22 million.
 | Over the past two years, we have transformed Beeline Kyrgyzstan into a successful company with double-digit revenue growth for seven consecutive quarters, high penetration and quality of 4G services, and a solid foundation in digital solutions. I am proud of the work that the team under the leadership of Andrei Pyatakhin has done, now I am glad to pass the Chaudhary Group baton for the further and more targeted development of Beeline, which contributes to the digital transformation of Kyrgyzstan, said Veon CEO Kaan Terzioglu[3] |  |
2020: The first deputy head of the Kyrgyz government apparatus was arrested in a corruption case during the sale of Sky Mobile frequencies
In December 2020, the first deputy head of the apparatus governments of Kyrgyzstan Azamata Araeva was arrested in a corruption case while selling frequencies to a daughter. Veon The decision to detain the official (in the pre-trial detention center of the State Committee for National Security) GKNB until January 12, 2021 was made by the Pervomaisky District Court of Bishkek. More. here
2005-2006
The Sky Mobile operator traces its history to the Bitel company, the first cellular operator in Kyrgyzstan. The company belonged to Aydar Akayev, the son of the first president of the republic, Askar Akayev. In early 2005, during the overthrow of the Akayev regime, Bitel was sold to the structures of the Kazakhstan Alliance-Capital group.
At the end of 2005, the MTS operator acquired control over Bitel. The deal was completed through the purchase of a 51% stake in the offshore Tarino, which through other offshore companies owned Bitel. MTS signed an option to buy out the remaining stake in Tarino for $149 million.
The fight for Bitel began the telecommunications holding Altimo - a division of Alfa Group, which was a major shareholder of VimpelCom. At the end of 2005, representatives of the Russian company Reservspetsmet carried out a forceful seizure of the Bitel office.
Despite the loss of control over Bitel, the London Arbitration ordered MTS to exercise the option to buy out the remaining stake in Tarino. In 2006, Bitel's assets were transferred to the new mobile operator Sky Mobile, which was acquired by Altimo.
Notes
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