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
Most recent headlines
23/01/2025
NEW YORK The Media Rating Council (MRC) has completed its accreditation process covering Nielsen's Big Data + Panel National TV measurement, making it the f...
23/01/2025
BALTIMORE, Md. Sinclair Inc. has announced 16 promotions across the country, including 11 in the Television Group....
23/01/2025
WASHINGTON, D.C. At a White House briefing, President Donald Trump has announced the Stargate Project, a new private company that aims to invest $500 billion ov...
23/01/2025
WASHINGTON, D.C. The broadcast standards group ATSC has announced that John I. Taylor of LG Electronics USA has been elected 2025 Chairman of the ATSC Board of ...
23/01/2025
WASHINGTON, D.C. The FCC's Enforcement Bureau has reinstated complaints against two stations, Paramount Global's WCBS in New York and Disney's WPVI ...
23/01/2025
Adobe delivers new innovations and AI tools for video pros and invests $6 millio...
23/01/2025
Adobe introduces major new updates in Premiere Pro (beta), After Effects (beta),...
23/01/2025
Blackmagic URSA Cine 12K LF Added to Netflix Approved Camera List
Brie Clayton January 22, 2025
0 Comments
Blackmagic URSA Cine 12K LF meets strict qu...
23/01/2025
Spring Signature Series Presents Kendrick Scott Berklee Ensemble The acclaimed percussionist has toured and collaborated with jazz legends Herbie Hancock and ...
22/01/2025
Personalized listening is key to unlocking your perfect soundtrack for 2025. It's about more than just hearing your favorites, and at Spotify, we want to he...
22/01/2025
The boys are back! Smash-hit series Rogue Heroes returns for an adrenaline-fuell...
22/01/2025
In our latest blog, Tim Pearson reflects on CES 2025, the latest trends, and the key conversations held with visitors to the NAGRAVISION booth.
Connect the wor...
22/01/2025
December is the perfect month for spending time together in front of the TV, with the winter weather and festive period combining to create the ideal conditions...
22/01/2025
NEW YORK - January 21, 2025 - An estimated 24.6 million viewers tuned in on Mond...
22/01/2025
RENO, Nev. PBS Reno and Sinclair Broadcast Group have launched KNPB-VC, a new virtual ATSC 3.0 channel, broadcasting on virtual channel 5-11....
22/01/2025
TASCAM, renowned for its versatile and adaptable audio solutions, announced the availability of the new IF-ST2110 Expansion card for its TASCAM Sonicview 16XP/2...
22/01/2025
Cobalt Digital, the leading designer and manufacturer of award-winning signal processing products, and a founding partner in the openGear initiative has reveal...
22/01/2025
Featuring IP connectivity, the cameras aim to provide an end-to-end solution for on-location filming, production and distribution
By Matthew Corrigan
Publish...
22/01/2025
ISE 2025: Technology Convergence is now free to access ahead of ISE 2025, and is jam-packed with features, interviews and product news
By Jenny Priestley
Pub...
22/01/2025
Ateliere Creative Technologies, a leading GenAI media software solutions company, today announced the appointment of Michael Sid as Strategic Business Accelerat...
22/01/2025
Hiltron Communications reports its 45th year of success. Based near Stuttgart, the company is a globally active systems integrator, manufacturer and distributor...
22/01/2025
WestCom Broadcast Services GmbH, renowned for producing German news show SAT.1 NRW, has made a forward-looking investment in its production infrastructure with ...
22/01/2025
Test & measurement innovator, Leader Electronics of Europe, has announced that BBright, a prominent provider of cutting-edge media and broadcast solutions, has ...
22/01/2025
Cubbit, the first geo-distributed cloud storage enabler, today announced that ASL CN1 Cuneo, a North Italian healthcare public service organisation, has reduced...
22/01/2025
Aiming to create more flexibility, encourage growth, and future-proof its infrastructure, Radio Botswana has upgraded its 60-year-old analogue system to IP with...
22/01/2025
Riedel Communications today announced that the Grande Halle de la Villette (EPPGHV) in Paris has deployed Riedel's state-of-the-art intercom and signal dist...
22/01/2025
Guntermann & Drunck GmbH (G&D), a leading provider of high-performance KVM solutions, is pleased to welcome VuWall as a new member of Naxicap's portfolio of...
22/01/2025
FREMONT, Calif. Blackmagic Design has announced that its URSA Cine 12K LF digital film camera was recently added to the Netflix Approved Camera List....
22/01/2025
Bain Capitals Kantar Group has announced it plans to sell the media measurement and analytics firm Kantar Media for about $1 billion to H.I.G. Capital, a major ...
22/01/2025
ATLANTA The Cleveland Cavaliers, Rock Entertainment Sports Network, Gray Media, and FanDuel Sports Network have announced an agreement will simulcast five upcom...
22/01/2025
WASHINGTON, D.C. In one of his first notable acts as the head of the Federal Communications Commission, FCC chair Brendan Carr has announced that he is ending ...
22/01/2025
Netflix stock jumped in after hours trading after announcing Q4 results that easily beat Wall Street expectations for sub counts, revenue and profits as it adde...
22/01/2025
Companies and organizations are increasingly using AI to protect their customers and thwart the efforts of fraudsters around the world.
Voice security company ...
22/01/2025
We are thrilled to present the premiere of new music by Viennese composer and keyboardist, Gerald Peter. Known for his innovative and highly creative style, Ger...
22/01/2025
Miami Heat's Kurt Doster on the Immediate Impact of Their New Control Room, ...
22/01/2025
The Shared Fan Experience: How Cosm's Immersive Venues Change What It Means ...
22/01/2025
EMG/Gravity Media U.S. Names Carston Bell Specialist Systems Manager He is an expert in RF-transmission technology and specialty cameras By Ken Kerschbaumer, E...
22/01/2025
Larger-Than-Life Live Viewing: How Sports Is Re-Imagining the Location-Based Exp...
22/01/2025
Is Your Corporation Looking to Support Victims of L.A. Fires? Donate to Sports B...
22/01/2025
Adirondack Bank Center Is First North American Venue To Install Permanent Digita...
22/01/2025
Official trailer revealed for Chris O'Dowd's Small Town, Big Story, a ve...
22/01/2025
Strap yourself in: Production begins on the farewell series of critically acclai...
22/01/2025
Wuppertal January 22, 2025
Grande Halle de la Villette Transforms Event Production With Riedel SolutionsRiedel Communications today announced that the Grande ...
22/01/2025
Thursday January 23
Cinema Palace / 85 Boulevard Anspach, 1000 Brussels
Brought to you by FilmLight & Sondr
6:00pm / Doors open
6:30pm / Presentations follo...
22/01/2025
Friday February 7, 11am
Parc Floral de Paris
Register for Micro Salon
Rencontre cr ative : Dans les coulisses de Saint-Ex
FilmLight sera au Micro Salon Pa...
22/01/2025
Comscore Appoints Industry Change-Maker Frank Friedman to Lead Next Era of Measu...
22/01/2025
Effortlessly Create and Control PiP Effects with Macro Wizards...
22/01/2025
Editor's note: This post is part of Into the Omniverse, a series focused on ...
22/01/2025
AI agents - which can understand, adapt to and support each user's unique journey - are making online shopping and digital marketing more efficient and pers...
05 Dec 2024
