The key facts

  • Perfectum shareholders unanimously approved the sale of an office in Tashkent for 65.97 billion soums and fixed assets worth 32.41 billion soums to Oybek Tursunov
  • The decision was confirmed at a shareholders' meeting on October 16, with data published on the corporate portal openinfo.uz
  • On October 19, VEON announced a deal to fully acquire Perfectum for approximately $207 million, taking into account about $93 million of the operator's debt

What Perfectum shareholders approved

The mobile operator Perfectum, operating under the Rubicon Wireless Communication brand, is selling part of its assets to entrepreneur Oybek Tursunov. According to Kun.uz, citing the corporate information portal, the deal was confirmed at the company's general meeting of shareholders held on October 16; the shareholders adopted the decision unanimously.

Composition and value of the property being sold

The main real estate asset is the company's office in Tashkent, at 21 Taras Shevchenko Street, in the Mirabad district. The complex includes four buildings on a land plot of 7,283 square meters, with a total building area of 10,479 square meters, containing 57 premises, including 47 office rooms. The value of the complex, including VAT, is estimated at 65.97 billion soums. In addition to the real estate, 2,012 units of fixed assets with a total value of 32.41 billion soums are being sold. Thus, the total value of the deal with Tursunov amounts to 98.37 billion soums.

Context of the VEON deal

The asset sale is taking place against the backdrop of a larger deal: On October 19, VEON announced that it had reached an agreement to fully acquire Perfectum. According to the publication, the total value of the deal is about $207 million, including the assumption of approximately $93 million of the operator's financial debt; the purchase was planned to be completed by the end of October. Thus, the sale of the office and fixed assets to Tursunov was approved by the shareholders' meeting even before the public announcement of the VEON deal. The sources do not disclose how the sale of these assets is connected to the overall acquisition of the operator, or who the buyer is in the VEON deal.