VEON Armenia's Shares Sold to Team Company to be Collateralized at Ardshinbank

The Public Services Regulatory Commission of Armenia will discuss on July 29 the approval for the collateralization of 100% of the shares of VEON Armenia (operating under the Beeline brand) at its session.

According to Armenpress, the draft decision indicates that the Commission will grant permission for the ownership rights of the 100% of VEON Armenia's statutory capital shares to be collateralized by Team LLC in favor of Ardshinbank following the acquisition by Team LLC.

The decision is based on a letter dated July 16 (N204/20-И11) submitted by VEON Armenia to the Commission, where it was noted that the source of financing for the agreed sales transaction of shares between the public joint-stock company Vimpel-Communications (the owner of VEON Armenia) and Team LLC is loan funds. Consequently, an agreement was reached between Team LLC and Ardshinbank that the specified funds will be provided by the bank, and the obligations of Team LLC to repay these funds under the signed loan agreement will be secured by collateralizing the shares of the Company.

In this regard, VEON Armenia has requested permission to allow the collateralization of its shares by Team LLC at Ardshinbank for the purpose of executing the transaction for transferring the ownership rights of the shares to Team LLC. On July 10, during a session, the Public Services Regulatory Commission agreed to the sale of 100% of VEON Armenia's shares to Team LLC.