Latest news with #EngroCorp
Yahoo
03-06-2025
- Business
- Yahoo
VEON and Engro Corporation Complete Pioneering Infrastructure Partnership in Pakistan
Islamabad and Dubai, June 3, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ('VEON' or 'the Company'), announces that it has successfully closed the partnership for the pooling and management of telecommunications infrastructure assets in Pakistan with Engro Corporation Limited ('Engro Corp'). VEON's infrastructure assets housed under Deodar (Private) Limited have now vested into Engro Connect, a subsidiary of Engro Corp. 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. "Completion of this partnership marks another milestone in the execution of our asset-light strategy. Thanks to the visionary approach of Pakistani authorities, which enabled the successful completion of this partnership, Jazz can now further accelerate its transformation into a services company, with a connectivity-powered digital portfolio spanning financial services, entertainment, healthcare, and enterprise services for both consumers and businesses. We look forward to a fruitful partnership with Engro Corp and to contributing to our shared mission of strengthening Pakistan's digital economy,' said Kaan Terzioglu, VEON Group CEO and Chairman of Jazz Board. The scheme of arrangement was completed at an enterprise value of USD 562.7 million. The partnership, which was originally announced on December 5, 2024, obtained regulatory approvals in May 2025. 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: About Jazz Jazz is Pakistan's leading digital operator with over 71.5 million cellular subscribers and 73 million MAUs of digital services as of Q4 2024. Jazz offers the most extensive portfolio of digital services in Pakistan, including JazzCash, the country's leading fintech; Garaj, the largest onshore cloud and cybersecurity platform; and Tamasha, Pakistan's largest homegrown OTT video streaming and entertainment platform. 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 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. VEONHande Asik Group Director of Communicationspr@
Business Recorder
24-05-2025
- Business
- Business Recorder
Strategic partnership with ‘Engro Corp': Jazz secures all regulatory approvals
ISLAMABAD: Jazz has announced that it has secured all regulatory approvals for its strategic partnership with Engro Corporation Limited ('Engro Corp') for the pooling and management of telecommunications infrastructure assets in Pakistan. The partnership, initially announced on December 5, 2024, is expected to enhance the efficiency of infrastructure and digital investments in the country, in line with Pakistan's digital ambitions. Under the agreement, Jazz's infrastructure assets, managed through its wholly owned subsidiary Deodar (Private) Limited ("Deodar"), will vest into Engro Connect through a court-sanctioned scheme of arrangement. Regulatory approvals have been obtained from the Competition Commission of Pakistan (CCP), the Pakistan Telecommunication Authority (PTA), and the Islamabad High Court. Completion of the transaction is expected in June 2025. Aamir Ibrahim, CEO of Jazz, commented: "I am pleased to note that we are now progressing to closing our pioneering infrastructure partnership with Engro Corp. This marks a significant milestone in our Service Co transformation. We will continue delivering world-class digital solutions empowering millions of Pakistanis in an asset-light model, while collaborating with Engro Corp, a trusted leader, for the infrastructure layer.' Abdul Samad Dawood, CEO of Engro Holdings, added: "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. This is a special moment for all of us at Engro, as this is what we have always stood for: Enabling Growth." As this strategic partnership nears completion, Jazz will continue to lease Deodar's infrastructure under a long-term agreement, ensuring uninterrupted nationwide connectivity and service for its users. This milestone enables Jazz to fully focus on its ServiceCo vision—scaling digital platforms like JazzCash, Tamasha, SIMOSA, FikrFree, Garaj, and GameNow that serve over 100 million Pakistanis. Copyright Business Recorder, 2025
