Uzbek businessman Farokh Mamatzhanov, who is the majority shareholder of InfinBank and founder of Uztex Group, asked President of Uzbekistan Shavkat Mirziyoyev to assist in accelerating the approval of a deal with the transnational telecommunications company VEON, which is expected to attract 200 million US dollars.
Mamatzhanov made this request on August 18 during the president's open dialogue with entrepreneurs. According to the businessman, his company completed negotiations with VEON back in June and agreed on all terms for attracting financing. However, the company requires prior permission from the Committee for Competition Development and Consumer Rights Protection to sign the agreement.
Mamatzhanov stated: 'In June we reached all agreements. They are ready to sign a contract to attract 200 million US dollars. Our only question is whether you can help us obtain a conclusion from the Competition Committee. We will attract these 200 million US dollars.'
The Chairman of the Committee, Khalilillo Turakhuzhaev, reported that Mamatzhanov's company submitted an application on July 24 requesting preliminary approval for the economic concentration deal. Currently, the committee is studying the mobile communications market and reviewing the remaining aspects related to the deal. According to Turakhuzhaev, the decision is expected by Entrepreneur's Day, August 20.
Mirziyoyev assured the businessman that he would personally monitor the issue, noting: 'Alright, I will personally monitor this matter, Farokh.'
Previously, Mamatzhanov's telecommunications project was linked to the British Vodafone. In August 2024, during an open dialogue with the president in Karakalpakstan, the businessman planned to involve Vodafone in developing the project based on the Perfectum mobile operator. At that time, Mamatzhanov estimated the total investment in the project at 250 million euros. The participation of Finnish Nokia as an equipment and technology supplier was also anticipated. According to the businessman, 100 million euros were planned to be attracted through Uzpromstroybank with the participation of the Finnish side, and another 150 million euros were supposed to be provided by the founders.
Later, Mamatzhanov's group began cooperating with VEON, based in the Netherlands and owning Beeline Uzbekistan. According to the businessman, both parties reached an agreement in June to attract 200 million US dollars.
The material also provides information on the ownership structure of Perfectum. In mid-July, the Competition Committee announced the approval of the sale of a 50% stake in the mobile operator Perfectum. A special commission reviewed Mamatzhanov's application to acquire 50% of the shares of Rubicon Wireless Communication, operating under the Perfectum brand, and concluded that the deal would not negatively affect the competitive environment.
According to the Unified State Register of Enterprises and Organizations, 50% of Rubicon Wireless Communication belongs to Farokh Mamatzhanov. The remaining shares are held by shareholders of the Centralized Republican Processing of Uzcard: 41.23% belongs to the foreign company IMC-Capital, and another 8.77% to Kamron Akбаров.
In March 2024, there were reports that 100% of Perfectum was transferred to Iminov. However, information about the company's sale was not published in open sources or on the channels of the State Property Management Agency. Preparation for the privatization of Perfectum has been underway since 2020.
IMC-Capital and Kamron Akбаров subsequently became founders of Perfectum. After that, the company's charter capital increased more than 17 times to 304.62 billion soms.
Preliminary approval from the Competition Committee is mandatory for economic concentration deals that may affect the competitive environment. Specifically, such approval is required when a party gains the right to control more than 25% of the voting shares of a joint-stock company or more than one-third of the charter capital of a limited liability company, provided that established financial criteria are met by law.
To obtain approval, the applicant must submit an application and documents to the committee covering the business activities and financial results of the deal parties, their corporate group composition, and their ultimate beneficial owners. If the deal does not affect competition, the application is reviewed within 30 calendar days. If it may restrict competition, the review period may be extended by a maximum of two months. Based on the review, the committee may grant preliminary approval, reject the application, or approve the deal subject to maintaining competition.
