Court Prohibits Team LLC from Finalizing Beeline Share Acquisition Deal: Ucom's Statement

On the official website of Ucom LLC, it is reported:

In response to media inquiries, we inform that on August 13 of this year, the Court of First Instance of Yerevan partially granted the request for interim measures filed by Ucom Closed Joint Stock Company, prohibiting Team LLC from finalizing the share acquisition deal for Veon Armenia CJSC and presenting rights arising from the transaction for registration.

Ucom had filed a lawsuit against Team LLC, requesting the court to establish that Team LLC's use of undisclosed information belonging to Ucom in the negotiation process for acquiring shares of Veon Armenia, as well as the breach of fiduciary obligations by the founders of Team LLC towards Ucom, constitutes unfair competition, and to oblige Team LLC to cease this unfair competition.

It is noted that Ucom had requested the court to apply interim measures, specifically prohibiting Team LLC from negotiating the acquisition of shares of Veon Armenia CJSC and from finalizing the negotiation deal regarding the acquisition of shares of Veon Armenia CJSC (signing the deal and presenting rights arising from the transaction for registration).

Considering the specifics of the case, Ucom refrains from providing further information; however, additional clarifications will be provided to the public if necessary in the upcoming phases of the case.

Ucom