
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
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...
15/06/2026
One of the more exciting internal video production divisions within a college at...
15/06/2026
The deal valued at $22 Billion is expected to close in the first half of 2027...
15/06/2026
Golf Channel and the Arnold Palmer Cup have announced a partnership to livestream the 2026 Arnold Palmer Cup on Golf Channel Mobile and GolfChannel.com. The tou...
15/06/2026
TikTok and Panini have announced a partnership to bring a digital collectible ca...
15/06/2026
Cosm and Monster Energy have announced the debut of the first full-dome immersiv...
15/06/2026
Real American Freestyle (RAF) and Fox Nation have announced an exclusive streaming agreement for three RAF international events, beginning with RAF Georgia on J...
15/06/2026
FanConnect has announced a partnership with Extreme Networks integrating FanConn...
15/06/2026
Ten Emerging Filmmakers Ages 18 to 25 Will Start Fellowship Year at Ignite Lab from June 14-19
LOS ANGELES, CA, June 15, 2026 - The nonprofit Sundance Institut...
15/06/2026
Innovative three-band soft synth introduced
UVI's latest synth takes an interesting approach to synthesis, offering a trio of synth engines that each op...
15/06/2026
Applications now open for 2026
The Oram Awards have returned for 2026 to celebrate the unusual, unique and unfiltered creative worlds of women and gender-di...
15/06/2026
New intelligent auto-fader plug-in revealed
PSPaudioware's latest release offers automatic level adjustment and provides more detailed control than many...
15/06/2026
4.78M AUSSIES TUNE IN FOR SOCCEROOS WIN OVER T RK YE ON SBS
15 June, 2026
Media releases
Match had a Total TV average audience of 3.035 million, with over ...
15/06/2026
SBS Head of Commissioning John Godfrey to depart after 18 years
15 June, 2026
Media releases
SBS Head of Commissioning John Godfrey will depart the broadca...
15/06/2026
Greater Manchester Police installs Rohde & Schwarz security scanner for custody ...
15/06/2026
Insights from NAGRAVISION's latest industry webinar featuring One Hungary, Liberty Global and Media Press Group
In this blog, Laura Rognoni explores the k...
15/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/06/2026
Clear-Com has introduced Avalon , a purpose built 1RU IP intercom communication platform for modern networked production, designed to simplify and scale workfl...
15/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/06/2026
MiLB Club Deploys LDX 110 Cameras at CarMax Park to Deliver A New Standard in Engaging Fan Experience
Grass Valley today announced that the Richmond Flying Sq...
15/06/2026
Detach from Direct-Attached: How Remote Editing with EVO Keeps Creative Teams Mo...
15/06/2026
Techtel Completes Media Production Setup for a major AFL sporting organisation
Sports
15 June Written By Suzanne Costello
(Sydney, Australia 15 June 2026)...
15/06/2026
Monday 15 June 2026
Sky News takes viewers inside Minab in new film investigati...
15/06/2026
Fox Corporation to Acquire Roku, Inc. Combination Creates a Scaled Media and Technology Platform with Superior Reach, Engagement and Monetization Capability
...
14/06/2026
Library captures 1960s R&B/pop drum sound
Following on from their recent wave of plug-in effects, Iconic Instruments have just launched an all-new virtual d...
14/06/2026
HBO Comedy Rooster Shot with URSA Cine 17K 65
Brie Clayton June 14, 2026
0 Comments
Large format brings viewers intimately close to characters.
Black...
13/06/2026
Latest expansion pack includes 252 presets
Devious Machines have recently introduced another expansion for their powerful multi-effects plug-in, Infiltrator...
13/06/2026
Create custom DAW/plug-in controllers using prompts
MetaGrid have recently introduced an all-new AI Builder function to their touchscreen-based control surf...
13/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
13/06/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
12/06/2026
YES Network and The Gotham Sports App will air seven Athletes Unlimited Softball...
12/06/2026
The United Football League will host its FAST Innovation Suite at the 2026 United Bowl presented by Credit One Bank on Saturday, June 13 at 3:00 p.m. ET at Audi...
12/06/2026
PTZOptics and LayerJot will present live demonstrations at InfoComm 2026 showing how natural-language AI prompting, robotic camera control, and on-device comput...
12/06/2026
MultiDyne Video and Fiber Optic Systems will exhibit at InfoComm 2026, featuring...
12/06/2026
Ateme has announced that Eurovision Services is using Ateme's software-based frame-rate conversion technology for international live event workflows. The de...
12/06/2026
Bitmovin and Simplestream have announced a partnership with Xperi to simplify the launch of OTT streaming services on TiVo OS smart TVs and devices. The collabo...
12/06/2026
Net Insight has announced that a multinational technology company is deploying a...
12/06/2026
MLB Players Inc., the business arm of the MLB Players Association, has announced a partnership with Athletes First to develop and sell brand partnerships across...
12/06/2026
Guntermann and Drunck (G&D) and VuWall have announced the CommandKeyboard-Advanc...
12/06/2026
Comcast Smart Solutions announces a new smart technology deployment with Major L...
12/06/2026
Elevation Worship completed the initial leg of its Elevation Nights 2026 tour ...
12/06/2026
AJA Video Systems has announced KONA IP25 support for Colorfront Transkoder and ...
12/06/2026
Audinate Group Limited (ASX: AD8) will exhibit at InfoComm 2026 (Booth C7321, Ce...
12/06/2026
Pac-12 Commissioner Teresa Gould has announced the appointment of Scott Adametz as Chief Technology Officer. The Pac-12 describes the hire as the first CTO appo...
12/06/2026
Grass Valley has announced AMPP Edge Live, a production system combining Grass Valley hardware, NVIDIA Blackwell GPU acceleration, and AMPP OS in a single platf...