Amsterdam and Karachi, 22 July 2024’: VEON Ltd. (NASDAQ, Euronext Amsterdam: VEON), a global leader in digital connectivity and online services, today announced a landmark achievement for its subsidiary in Pakistan, Jazz. Jazz has successfully secured the nation’s largest long-term private sector syndicated credit facility, amounting to up to PKR 75 billion (approximately USD 270 million), set to catapult its growth ambitions further.
Empowering Growth in Pakistan’s Digital Landscape’
This unprecedented 10-year financing deal is poised to drive Jazz’s expansion as the leading provider of 4G connectivity and digital services to millions of consumers and enterprises in Pakistan. The infusion of funds is expected to enhance Jazz’s infrastructure, enabling it to deliver faster and more reliable internet services while expanding its digital service offerings.
Aaqib Iqbal, CEO of Jazz, commented, This substantial credit facility underscores the confidence our financial partners have in our vision and capability to lead Pakistan into a digitally empowered future. This funding will not only bolster our current services but also support the introduction of innovative digital solutions, thereby contributing to Pakistan’s technological and economic advancement.
VEON’s Commitment to Transparency and Growth’
The announcement follows recent developments within VEON concerning its commitment to corporate governance and sustainable growth. Earlier this month, VEON disclosed that Nasdaq had granted the company an extension for the delayed filing of its Annual Report on Form 20-F for the year ended December 31, 2023. VEON now plans to file its 2023 20-F by November 11, 2024, demonstrating their ongoing dedication to regulatory compliance and transparency. This extension from Nasdaq highlights the organization’s resolve in aligning with the highest standards of financial reporting and corporate governance.
Capital Markets Day 2024: Laying the Path for Future Growth’
Furthermore, at its Capital Markets Day 2024 in June, VEON laid out its ambitious growth strategy, showcasing plans to accelerate local currency topline growth to 16%-19% CAGR through 2027. This strategic blueprint underscores VEON’s commitment to driving substantial value for its stakeholders by prioritizing growth in local currency terms over the mid-term.
During the CMD 2024, Kaan Terzioglu, VEON’s CEO, elaborated on this vision, stating, “Our medium-term financial and operational ambitions reflect our commitment to creating sustainable value. By focusing on increasing revenues in local currencies, we aim to mitigate the impacts of currency fluctuations, thereby delivering more predictable and robust growth outcomes.”
Integrating Global Goals with Local Impact’
The PKR 75 billion credit facility secured by Jazz is a testament to VEON’s robust strategic framework that aligns global ambitions with local market needs. This significant financial milestone not only fortifies Jazz’s market leadership in Pakistan but also reinforces VEON’s overarching strategy to foster digital inclusivity and economic development in its operational geographies.
VEON’s continued focus on operational excellence, transparent governance, and innovation-driven growth firmly positions it as a leading player in the global digital landscape. The company’s strategic maneuvers, including substantial investments in its subsidiaries like Jazz, underscore its dedication to enhancing digital infrastructure and providing superior connectivity solutions across emerging markets.
In Summary’
VEON’s latest financial feats and strategic initiatives collectively bolster its status as a pioneering global digital operator. With Jazz set to leverage the PKR 75 billion credit facility for unprecedented growth, VEON remains on track to meet its medium-term ambitions, accelerating digital transformation and market leadership in Pakistan and beyond.
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