VEON Now Secures All Regulatory Approvals For Strategic Partnership With Engro Corp. For Pooling And Management Of Telecommunications Infrastructure Assets In Pakistan

VEON Ltd. (NASDAQ:VEON), a global digital operator ("VEON" or "the Company"), announces that it has now 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, VEON's infrastructure assets housed under Deodar (Private) Limited, wholly owned by VEON through its subsidiary Pakistan Mobile Communications Limited, will vest into Engro Connect, an Engro Corp's subsidiary, via a scheme of arrangement. The companies have secured the necessary regulatory approvals, including from the Competition Commission of Pakistan, the Pakistan Telecommunication Authority, and the Islamabad High Court. The scheme of arrangement and related settlements are expected to be completed in June.