AMSTERDAM, May 23, 2017 /PRNewswire/ -- 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."
ABOUT VEON
VEON is a NASDAQ and Euronext
Amsterdam-listed global provider of connectivity, with the ambition
to lead the personal internet revolution for the 235 million+
customers it currently serves, and many others in the years to
come.
Follow us:
on Twitter @veondigital
visit our blog @ blog.veon.com
go to our website @ http://www.veon.com
ABOUT GTH
GTH, which is 57.7% owned by VEON, is a
leading international telecommunications company operating mobile
networks in high growth markets in Africa and Asia, having a total population under license
of approximately 400 million. GTH operates mobile networks in
Algeria, Pakistan, and Bangladesh. GTH reached more than 99 million
customers as of Q1 2017. GTH is traded on the EGX under the
symbol (GTHE.CA).
ABOUT JAZZ
Jazz is Pakistan's leading telecom service provider,
spearheading service excellence and product innovation in the
country. With a subscriber base above 50 million and a legacy of
more than 20 years, Jazz maintains market leadership through
cutting-edge, integrated technology, the strongest brands and the
largest portfolio of value added services in the industry. Jazz was
created on November 2015 following
the merger between Mobilink (#1 mobile player in Pakistan fully owned by GTH) and Warid (former
#4 player with majority ownership held by the Dhabi Group), which
completed on December 2016. Jazz is
owned 85% by GTH and 15% by the Dhabi Group.
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 ambition to become a
global digital leader and its digital strategy generally, the
anticipated improvements to the customer experience and the timing
of the payment for the spectrum awarded]. The forward-looking
statements included in this press release are based on management's
best assessment of VEON's strategic and financial position and of
future market conditions, trends and other potential developments.
Forward-looking statements involve risks and uncertainties. The
actual outcome may differ materially from these statements as a
result of: continued volatility in the economies in the markets
where the companies operate; unforeseen developments from
competition; governmental regulation of the telecommunications or
digital industries; general political uncertainties in the markets
where the companies operate; and government investigations or other
regulatory actions and/or litigation with third parties. Certain
other factors that could cause actual results to differ materially
from those discussed in any forward-looking statements include the
risk factors described in VEON's Annual Report on Form 20-F for the
year ended December 31, 2016 filed
with the U.S. Securities and Exchange Commission (the "SEC") and
other public filings made by VEON with the SEC. The forward-looking
statements speak only as of the date hereof. VEON cannot assure you
that any projected results or events will be achieved. Except to
the extent required by law, VEON disclaims any obligation to update
or revise any of these forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date on which the statements are made, or to reflect the occurrence
of unanticipated events.
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SOURCE VEON Ltd.