Amsterdam and Karachi, 22 July 2024: VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON), a global digital operator providing integrated connectivity and online services, announced that Pakistan’s digital operator, Jazz, has secured the country’s largest long-term private sector syndicated credit facility of up to 75 billion Pakistani rupees (approximately US$270 million). The 10-year financing agreement will support Jazz’s growth ambitions as the country’s leading provider of 4G connectivity and digital services to millions of consumers and businesses.
The bank consortium is led by Punjab Bank, with other prominent financial institutions such as Habib Bank, Alfalah Bank, Meezan Bank, MCB Bank, Allied Bank, Askari Bank, Habib Metropolitan Bank, Soneri Bank, Islami Bank Pakistan and MCB Islamic Bank acting as lead advisors and arrangers. The signing of the credit facility, initially inked in May 2024,1To mark the occasion, a ceremony was held in Karachi attended by VEON Group CEO Khan Terzioglu, Jazz CEO Aamir Ibrahim, along with presidents, chairmen and chief executive officers of participating banks.
“This credit facility will be a landmark for Pakistan’s digital landscape and will help accelerate the adoption of state-of-the-art digital infrastructure with a focus on the services Pakistan needs to realize the potential of its young, dynamic population and vibrant business environment. We are grateful to our prominent partners in the bank consortium for understanding the significant growth potential that Jazz’s value proposition offers in Pakistan. We would also like to congratulate the Jazz team for successfully serving millions of Pakistanis which has fuelled robust growth in our business in Pakistan. This agreement is a further testament to the trust and support Jazz enjoys as the country’s leading digital growth engine,” said Khan Terzioglu, Group CEO, VEON.
“This landmark syndicated credit facility will help expand and strengthen our digital infrastructure across Pakistan as we transition from a telecom to a services company and invest in emerging industries such as cloud, software and financial services in addition to consumer connectivity. We thank Punjab Bank and our esteemed banking consortium partners for their unwavering support and belief in Jazz’s vision. We remain focused on delivering innovative solutions that empower individuals and businesses and drive socio-economic growth, and this funding agreement reaffirms our commitment to drive Pakistan’s digital transformation,” said Aamir Ibrahim, CEO of Jazz.
“Leading this landmark transaction in the telecom sector demonstrates our strategic focus on digital transformation in Pakistan. Our partnership with Jazz underscores our commitment to driving technological advancements and supporting the growth of the telecom industry. This transaction is a testament to our commitment to driving innovation and fostering economic development in the country,” said Zafar Masood, President and CEO, Bank of Punjab.
About VEON
VEON is a digital operator providing integrated connectivity and digital services to around 160 million customers. Operating in six countries, home to over 7% of the world’s population, VEON transforms lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on Nasdaq and Euronext. For more information, please visit https://www.veon.com.
About Jazz
Jazz is Pakistan’s leading digital operator with over 71 million subscribers. Jazz offers the widest range of digital services including JazzCash, Pakistan’s leading fintech, Garaj, the largest onshore cloud and cyber security platform, and Tamasha, Pakistan’s largest homegrown OTT video streaming and entertainment platform.
Disclaimer
This release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts and include statements regarding VEON’s digital, commercial and investment plans, among others. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON does not anticipate. The forward-looking statements contained in this release are made as of the date of this release. VEON undertakes no obligation to publicly update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by U.S. federal securities laws. There can be no assurance that the efforts described above will be successful.
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1 In May 2024,Unaudited interim condensed consolidated financial statements for the three months ended March 31, 2024 of VEON Ltd.” is available at www.veon.com
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VEON’s Jazz secures Pakistan’s largest long-term syndicated private sector credit facility of PKR 75 billion
