Kyrgyz govt considering sale of MegaCom to National Bank, other candidates

20 Aug 2021

Kyrgyzstan’s government is considering proposals to sell state-owned mobile operator MegaCom to the National Bank of Kyrgyzstan or other unnamed potential buyers, chairman of the Fund for State Property Management Mirlan Bakirov told a press conference, quoted by news agency 24.kg. Mr Bakirov stressed that MegaCom must undergo an asset revaluation before any sale takes place. He added: ‘Parliament agreed to include MegaCom in the privatisation programme [note: Kyrgyzstan’s unicameral Supreme Council, the Jogorku Kenesh, approved a Cabinet of Ministers resolution proposing to sell MegaCom on 29 July 2021]. The company is now undergoing an inventory procedure. A special commission will be created; all procedures will be open.’

Several previous attempts at finding a buyer for MegaCom have failed, and the property fund chairman noted that in 2019 the cellco’s value was estimated at KGS19 billion (USD225 million) before the valuation was reduced to KGS14 billion. Therefore, the Cabinet of Ministers is now undertaking a reassessment of the company, Bakirov said.

Kyrgyzstan, MegaCom (Kyrgyzstan)