Latest news with #Engro
Express Tribune
07-07-2025
- Business
- Express Tribune
Telecom industry opts for diversification
With telecom operators across emerging markets under pressure to diversify revenue streams and reduce reliance on infrastructure-heavy models, Pakistan's telecom sector is beginning to show signs of strategic recalibration. "The future of telecom won't be built on towers; it will be built on how quickly we adapt and the ecosystems we enable around connectivity," said Farrukh H Khan, Chief Financial Officer of Jazz. Khan's remarks come in the wake of a major domestic merger and acquisition (M&A) transaction – Jazz's sale of its tower infrastructure to Engro Corporation. Internally known as the Deodar Project, the deal involved the transfer of Jazz's passive tower assets to Engro while maintaining long-term access through leaseback arrangements. "It wasn't just a sale; it was a strategic unlock," Khan said. "We freed up our balance sheet to invest in what's next – platforms, not pylons." The transaction, completed last year, has freed up capital that Jazz is now directing into high-growth digital verticals including fintech, enterprise solutions, entertainment, healthtech, insurtech and digital self-care. Khan said the pivot reflects a broader global shift, particularly in markets where telecom operators face rising operational costs, declining voice revenues and growing digital demand.
Business Recorder
04-07-2025
- Business
- Business Recorder
Hussain Dawood lauds Pak-China partnership at WEF summit
KARACHI: Chairman of Engro, Hussain Dawood, appreciates enduring China-Pakistan partnership at WEF summit with Chinese Premier, Li Qiang. Hussain Dawood was invited to speak at a Special Dialogue with Li Qiang, Premier of the People's Republic of China, during the World Economic Forum's 16th Annual Meeting of the New Champions. During the session Dawood reaffirmed the enduring all-weather friendship between China and Pakistan. He shared that, in 2013, he was privileged to be part of the delegation to China led by Prime Minister of Pakistan Shehbaz Sharif, which laid the foundation for the China-Pakistan Economic Corridor (CPEC). This landmark initiative has delivered sustained prosperity to both countries, with $62 billion invested in energy and infrastructure projects connecting Kashgar in western China to the deep-sea port of Gwadar in Pakistan. In his remarks, Dawood reiterated Engro's contributions to CPEC projects with key Chinese partners, including China Machinery Engineering Corporation. He further underscored that the cornerstone of these partnerships is mutual trust and openness to long-term planning. Engro's active participation in transformational projects with Chinese partners reflects its commitment to inclusive progress that unlocks a brighter future for all. Copyright Business Recorder, 2025
Business Recorder
24-05-2025
- Business
- Business Recorder
Engro approves partnership with Jazz to expand telecom infrastructure
KARACHI: Engro Holdings Limited has announced that Engro Corporation Limited has secured all approvals for its strategic partnership with Pakistan Mobile Communications Limited ('Jazz') and its parent company, VEON Group to expand telecom infrastructure, paving the way for Pakistan's digital future. With this approval and through a Scheme of Arrangement, Jazz's shareholding in Deodar (Private) Limited, which houses its telecom infrastructure assets, will vest with Engro Connect (Private) Limited, a subsidiary of Engro Corporation. In line with previous disclosures, this amalgamation marks a significant private-sector investment in Pakistan, and with all approvals secured, millions of Pakistanis are now poised to benefit from the efficiencies of shared infrastructure. By accessing Engro's combined portfolio of over 14,000 towers, all Mobile Network Operators (MNOs) will have equal access to a high-quality, nationwide infrastructure platform. This will enable them to reduce capital and operating expenditures, focus on enhancing service quality, and pass cost efficiencies onto customers, helping millions more Pakistanis come online. As demand and technology continue to evolve, Engro's extensive tower platform is also well-positioned to support future innovations. Around the world, telecom towers are already being used for more than just mobile signals from powering smart cities to strengthening community infrastructure. Beyond today's connectivity needs, Engro is preparing for tomorrow's possibilities, reaffirming our commitment to Pakistan's economic development and to its enduring promise as a land of opportunity and resilience. Pakistan is standing at the threshold of a digital future, where financial inclusion takes off, start-ups can emerge from any corner, students can learn from global classrooms, and families can access healthcare remotely. This is a moment of shared progress and a reflection of the fact that Pakistan has a powerful growth story to tell. On this development, Chairman of Engro, Hussain Dawood, has said that this investment further reinforces commitment to this great nation, where we believe in investing in connectivity which is the foundation of our digital future. It gives our people the empowerment, enablement, and environment to take control of their lives and thrive, he added. CEO of Engro Holdings, Abdul Samad Dawood, remarked, 'Prosperity and progress increasingly rely on technology and connectivity and with this milestone, Engro strengthens its role as an enabler of Pakistan's progress. This investment reinforces telecom infrastructure as a key vertical for us and we are keen on expanding access, empowering communities, and future proofing the infrastructure that will drive growth for generations to come, he added. President and CEO of Engro Corporation, Ahsan Zafar Syed has said that venturing into this sector in 2018 was a bold leap for Engro into uncharted territory. But this achievement is a testament to what belief, partnership, and perseverance can deliver made possible by the dedication of our teams. Copyright Business Recorder, 2025
