Amsterdam (23 May 2017) – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON ) (“VEON”) and its subsidiary Global Telecom Holding S.A.E. (EGX: GTHE) (“GTH”), today announced the acquisition of additional 4G/LTE spectrum in Pakistan, through their local 85% owned subsidiary, Jazz. This is a crucial milestone for VEON in its ambition to become a global digital leader and is expected to improve the customer experience in terms of voice quality, data speeds and connectivity.
Jazz won the auction, awarding it 10 MHz paired spectrum in the 1800 MHz band for a total consideration of USD 295 million plus withholding tax of 10%.
Jon Eddy, VEON’s Head of Emerging Markets and Chairman of GTH, commented, “VEON is committed to creating the best user experience for Jazz’s more than 53 million customers. This additional spectrum will let our customers surf faster, with better quality and coverage, making VEON the ideal platform to fulfill Pakistan’s digital ambitions.”