VEON announces termination of the sale of its Pakistan tower business to Tanzanite
Amsterdam 17 September 2018 – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) (VEON) announces that the agreement for the sale of the tower business of its subsidiary in Pakistan, Jazz, to Tanzanite Tower Limited (Tanzanite) has been terminated.
The parties have not received all the regulatory approvals required for the transaction and the extended long-stop date of 14 September 2018 has now passed.
Tanzanite, a Pakistan tower operating company, and Jazz signed an agreement for the sale in August 2017.
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services.
For more information visit: www.veon.com.
Jazz is Pakistan's leading digital lifestyle service provider, spearheading service excellence and product innovation in the country. With over 55 million customers and a legacy of more than 20 years, Jazz maintains market leadership through cutting-edge, integrated technology, strong brand presence, and the largest portfolio of value added services in the industry. Jazz is the result of the merger between Mobilink (#1 mobile player in Pakistan fully owned by GTH) and Warid (former #5 player with majority ownership held by the Dhabi Group), which completed on 1 July 2016.
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, expectations regarding management plans and the ability to successfully execute operating model and development 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. Furthermore, elements of this release contain, or may contain, "inside information" as defined under the Market Abuse Regulation (EU) No. 596/2014.