Veon Group (former owner of Russian Vimpelcom, trademark Beeline) has disclosed details of the sale of its Kyrgyz subsidiary Sky Mobile. The amount of the deal will be $32 million. The buyer is Nepalese company CG Corp Global, reports CNews. Regulatory approval is required to finalize the deal.

Sky Mobile is the leader of the cellular market in Kyrgyzstan and serves 7.4 million subscribers. In 2023, the company's revenue was $56 million and EBITDA (earnings before taxes, interest on loans and depreciation and amortization expenses) was $22 million.

Veon has significantly reduced its asset portfolio in recent years. In particular, the group's main asset, Russia's Vimpelcom, was sold. The transaction amounted to 130 billion rubles, it was paid through the redemption of Eurobonds by Vimpelcom to holders from the Russian financial infrastructure.

The buyer was a group of Vimpelcom's top managers led by former CEO Alexander Torbakhov. Cellular operators in Algeria, Canada, Italy, Vietnam, Laos, Cambodia, Burundi, Zimbabwe, Namibia, Central African Republic (CAR), Georgia, Armenia and Tajikistan were also sold. 

CG Corp Global is a multinational conglomerate with extensive interests and significant presence in various sectors including FMCG, hospitality, education, communications, financial services, infrastructure and real estate. Headquartered in Dubai, the corporation has more than 160 companies and 123 brands worldwide.