VEON’s Jazz Secures Pakistan’s Largest Long-Term Private Sector Syndicated Credit Facility of up to PKR 75 billion
July 22 2024 - 2:15PM
UK Regulatory
VEON’s Jazz Secures Pakistan’s Largest Long-Term Private Sector
Syndicated Credit Facility of up to PKR 75 billion
Amsterdam and Karachi, 22 July
2024: VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON), a
global digital operator that provides converged connectivity and
online services, announces that Jazz, its digital operator in
Pakistan, has secured the country’s largest long-term private
sector syndicated credit facility of up to PKR 75 billion (c. USD
270 million). This 10-year financing arrangement will power Jazz’s
growth ambitions as the country’s leading provider of 4G
connectivity and digital services to millions of consumers and
enterprises.
The banking consortium was led by The Bank of
Punjab, along with the following other prominent financial
institutions that act as mandated lead advisors and arrangers:
Habib Bank, Bank Alfalah, Meezan Bank, MCB Bank, Allied Bank,
Askari Bank, Habib Metropolitan Bank, Soneri Bank, Bank Islami
Pakistan and MCB Islamic Bank. The signing of the credit facility,
originally entered into in May 20241, was marked with a
ceremony held in Karachi in the presence of VEON Group CEO Kaan
Terzioglu, Jazz CEO Aamir Ibrahim, and the Presidents, Chairs and
Chief Executives of the participating banks.
"This credit facility will be a game-changer for
Pakistan's digital landscape helping us accelerate the deployment
of cutting-edge digital infrastructure, focusing on services that
Pakistan need to realize the potential of its young and dynamic
population and vibrant business landscape. I would like to thank
our distinguished partners in the banking consortium for seeing the
immense growth potential that Jazz’s value proposition entails for
Pakistan. I would also like to congratulate the Jazz team for the
successful delivery of services to millions of Pakistanis that has
fuelled the robust growth of our Pakistan operations. This
agreement is a further sign of the trust and the support that Jazz
enjoys as the leading digital growth engine of the country,” said
Kaan Terzioglu, Group CEO of VEON.
“This landmark syndicated credit facility will
help expand and enhance our digital infrastructure across Pakistan,
as we transition from a telco to a ServiceCo and invest in sunrise
industries like cloud, software, financial services in addition to
consumer connectivity. I would like to thank The Bank of Punjab and
our esteemed banking consortium partners for their unwavering
support and confidence in Jazz's vision. This financing arrangement
reaffirms our commitment to driving Pakistan's digital
transformation as our focus remains on delivering innovative
solutions that empower individuals and businesses, fostering
socio-economic growth," said Aamir Ibrahim, CEO of Jazz.
“Leading this landmark transaction in the
telecom sector exemplifies our strategic focus on digital
transformation in Pakistan. Our partnership with Jazz underscores
The Bank dedication to advancing technological progress and
supporting the growth of the telecom industry. This deal is a
testament to our commitment to driving innovation and fostering
economic development in the country,” said Zafar Masud, President
and CEO of The Bank of Punjab.
About VEON
VEON is a 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.
Headquartered in Amsterdam, VEON is listed on Nasdaq and Euronext.
For more information visit: https://www.veon.com.
About Jazz
Jazz is Pakistan’s leading digital operator with
over 71 million subscribers. Jazz offers the most extensive
portfolio of digital services including JazzCash, Pakistan’s
leading fintech; Garaj, the largest onshore cloud and cybersecurity
platform; and Tamasha, Pakistan’s largest homegrown OTT video
streaming and entertainment platform.
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 digital, commercial and investment plans. 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. There can be no assurance that
the initiatives referred to above will be successful.
Contact Information
Hande Asik
Group Director of Communications
pr@veon.com
Julian Tanner
TUVA Partners
Julian.tanner@tuvapartners.com
1 PKR 65 billion of the facility was already secured
in May 2024 as disclosed in the “Unaudited Interim Condensed
Consolidated Financial Statements VEON Ltd. as of and for the
three-month period ended March 31, 2024” available on
www.veon.com
- VEON’s Jazz Secures Pakistan’s Largest Long-Term Private Sector
Syndicated Credit Facility of up to PKR 75 billion
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