05 Dec 2024
VEON and Engro Corp Announce Strategic Partnership for Telecommunications Infrastructure Amsterdam, Dubai and Islamabad, 5 December 2024 14.00 CET - VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the Company ), announces that it is entering into a strategic partnership with Engro Corporation Limited ( Engro Corp ) with respect to the pooling and management of its infrastructure assets, starting in Pakistan.
In the first phase of the partnership, VEON's infrastructure assets housed under Deodar (Private) Limited ( Deodar ), a VEON Group company wholly owned by VEON through its subsidiary PMCL, will vest into Engro Corp's subsidiary, Engro Connect, via a scheme of arrangement. VEON's digital operator Jazz will continue to lease Deodar's extensive infrastructure for the provision of nationwide mobile voice and data services under a long-term partnership agreement.
Kaan Terzioglu, Group CEO of VEON and Chairman of Jazz Board, and Abdul Samad Dawood, Director of Engro Corp, signed the strategic partnership in Dubai, UAE, in the presence of Augie K Fabela II, VEON Chairman and Founder, Hussain Dawood, Chairman of Engro Corp, and Aamir Ibrahim, CEO of Jazz, along with their respective teams.
The partnership marks a significant milestone in VEONs asset-light strategy, aimed at increasing the Company's focus on the development of services-focused businesses in line with VEON's digital operator model. The arrangement is subject to the customary legal and regulatory approvals in Pakistan. As part of the arrangement, Engro will pay Jazz an amount of approximately USD 188 million and will guarantee the repayment of Deodar's intercompany debt in the amount of USD 375 million.
This strategic partnership is a pivotal move in advancing VEONs asset-light strategy. The traditional vertically integrated telco model is no longer viable for operators, neither is it conducive to the sustainable growth of developing economies. Our collaboration with Engro Corp, starting in Pakistan, our largest market, will empower Jazz to focus on innovative digital services and cutting-edge technologies that serve Pakistan's digital ambition. It will also help VEON showcase the wide range of opportunities for shareholder value creation and new business models across our markets, said Kaan Terzioglu, VEON Group CEO and Chairman of Jazz Board.
This deal reflects Engro's continued passion to address pressing issues through impactful infrastructure - in particular by enabling low-cost, high-quality connectivity, which is a cornerstone of progress. This partnership will benefit the broader telecom ecosystem in Pakistan: By utilizing Engro's infrastructure, all players in the telecommunications ecosystem can focus on delivering enhanced services and expanding coverage. The wider capability that will emerge out of this partnership will help us empower communities through better and more affordable connectivity, while contributing to the broader digital transformation in Pakistan and beyond said Abdul Samad Dawood, Director of Engro Corporation.
About Engro Corporation Limited
Engro Corporation is a diversified Pakistani conglomerate that strives to solve pressing issues through its portfolio of businesses. It has developed businesses across the verticals of energy and related infrastructure, petrochemicals, food and agriculture, telecommunication infrastructure, and international trading, over a period of 50+ years. Many of these pioneering businesses have been established in collaboration with global partners including IFC, Royal Vopak, Royal FrieslandCampina, CMEC and others. To learn more about Engro Corporation, please visit www.engro.com.
About VEON
VEON is a Nasdaq-listed digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. For more information visit: www.veon.com.
Disclaimer
This release contains forward-looking statements , as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON's investment plans, digital products, business plans and commercial partnerships. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.
Contact Information
VEON
Hande Asik
Group Director of Communications
pr@veon.com
ENGRO CORPORATION
Aman Haque
Vice-President, Corporate Communication
corpcomms@engro.com
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
02/07/2026
Stammering, stuttering, strangulated tones
The Crow Hill Company's latest creation promises to be the most original sound set they've produced to d...
02/07/2026
A new era in unmixing and spectral editing
The latest version of Steinberg's spectral audio-editing software has just arrived, building on the strength...
02/07/2026
Aims to simplify additive synthesis
Sine Machine is the debut launch from Melatonin, a Vienna-based developer who have spent the past six years creating wha...
02/07/2026
Products to remain fully active & supported
Following the news of Native Instruments joining the inMusic brand line-up, Academy and Emmy Award-winning visua...
02/07/2026
What you missed!
Last weekend, Saturday 27 June 2026, saw the debut of Sound On Sounds new GearExpo UK event, the largest dedicated pro-audio event to take ...
02/07/2026
Thursday 2 July 2026
Tea with Judi Dench returns to Sky Arts with legendary guest, Sir Ian McKellen
Sky today confirms Tea with Judi Dench will return this su...
01/07/2026
New AI Assistant, Multi-channel Audio, ARA2 improvements & more
Tracktion's DAW software has just received its latest major update, gaining a selection ...
01/07/2026
Stammering, stuttering, strangulated tones
The Crow Hill Company's latest creation promises to be the most original sound set they've produced to d...
01/07/2026
Exclusive run of limited-edition modelling pedals
Sweetwater and Andertons M...
01/07/2026
** MEDIA ALERT **
BLEACH Comes to Life in Los Angeles with First-of-Its-Kind...
01/07/2026
UKTV has today announced the appointment of Matt Berry to the newly created role of General Manager - Marketing, effective 1 July.
Matt will take on this senio...
01/07/2026
Sky Zero Footprint Fund-backed TV campaign featuring Deborah Meaden challenges consumers to rethink everyday bathroom wasteWednesday 1 July 2026
Fussy asks Bri...
01/07/2026
Constituency-level analysis reveals where girls miss out most on sport - and where targeted action could unlock more than £640 million in economic and health be...
01/07/2026
Wuppertal July 1, 2026
Riedel and SKAARHOJ Expand Collaboration With SimplyLive IntegrationRiedel Communications today announced an expanded collaboration wit...
01/07/2026
Apple today introduced power-packed updates to Apple Creator Studio, a groundbre...
01/07/2026
Nectar360, the Retail Media, Loyalty and Insights business of the Sainsburys Gro...
01/07/2026
9.2 million streams on RT Player between 11 and 28 June
Reach of 2.9 million viewers during Group stages of FIFA World Cup on RT 2
23 million video views acr...
30/06/2026
Could your journalism reach an international stage?
Entries are now open for the Thomson Foundation's Young Journalist Award 2026, one of the most prestigi...
30/06/2026
Brings together saturation & lo-fi effects
Following on from the release of their Voxcraft vocal-processing plug-in, UJAM have announced the launch of Retro...
30/06/2026
New IR reverb engine, Juno-inspired chorus & more
The latest version of Rapid Flow's hardware-emulation synth plug-in expands on its predecessor with a ...
30/06/2026
Excels at heavy-handed VCA compression
For their latest release, Shy Audio have recreated the crunchy' sound of a rackmount compressor that found its w...
30/06/2026
Component scarcity drives cost increases
Shortly after Apple's CEO Tim Cook acknowledged that cost increases would soon be inevitable , the company hav...
30/06/2026
Hitachi and Bank Pekao S.A. have completed the installation of the first Hitachi...
30/06/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/06/2026
Four-layer instrument aimed at dark electronic music
Excite Audio's latest software instrument has been designed with dark drum and bass, atmospheric te...
29/06/2026
New AI Assistant, Multi-channel Audio, ARA2 improvements & more
Tracktion's DAW software has just received its latest major update, gaining a selection ...
29/06/2026
Details environmental policies & results
The Focusrite Group have just announced that following a long audit process, they have published their 2026 sustain...
29/06/2026
Arvato Systems Achieves AWS Cloud Operations Competency
The team behind the AWS Cloud Operations Competency (from left to right: Philipp Hellmich, Johanna Bod...
29/06/2026
RT today announced that Ger Gilroy will join the RT Podcasts team to present a daily sports podcast. Launching later this year, the new show will set the spor...
29/06/2026
RT Commercial announced OUTsurance as sponsor of the Oliver Callan show on RT Radio 1 from Wednesday 1 July.
Oliver Callan doubles the fun, delivering two ...
28/06/2026
Half-size model joins Console 1 line-up
Shortly after the release of their new Flow Studio controller, Softube have announced the launch of another new surf...
28/06/2026
New EXO Series DSP control software announced
EVE Audio's EXO Series monitor range has just gained a new software element that provides remote access to...
27/06/2026
Brings together saturation & lo-fi effects
Following on from the release of their Voxcraft vocal-processing plug-in, UJAM have announced the launch of Retro...
26/06/2026
Virtual session musician plug-in gains new percussion options
Celemony's latest update for their virtual session musician platform complements the exist...
26/06/2026
Half-size model joins Console 1 line-up
Shortly after the release of their new Flow Studio controller, Softube have announced the launch of another new surf...
26/06/2026
ELT Group and Rohde & Schwarz sign a cooperation agreement to explore commercial...
26/06/2026
Flicker Productions to produce five-part docu-reality series following women who have fallen for men in prison and have become TikTok sensations, with brands an...
26/06/2026
Catch up on the latest developments across Baselight and Daylight v7, Nara and F...
26/06/2026
26. June 2026 News
DFT is pleased to announce that a second Polar HQ film s...
26/06/2026
A fresh look at how the Irish helped shape the foundations of the United States
...
25/06/2026
Six free workshops across two days
Global music education platform Music Production for Women (MPW), have just announced a brand new and highly anticipated ...
25/06/2026
Popular pedalboard PSU gets an upgrade
The DC7 v2 is a new and improved version of the renowned effects pedal PSU from CIOKS, and is said to be the thinnest...
25/06/2026
Optimised for lush, enveloping sounds
Described as an instantly rewarding reverb , the latest addition to Arturia's range of creative effects plug-ins ...
25/06/2026
27 June 2026, Westminster University Harrow Campus
GearExpo UK is now upon us, with just two days to go until 150 of the worlds top pro-audio brands and ind...
05 Dec 2024
