VEON subsidiary Banglalink successfully acquires 9.4MHz in spectrum auction
Amsterdam, 10 March 2021 – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that its operating company in Bangladesh, Banglalink, has acquired 4.4MHz spectrum in the 1800MHz band and 5MHz spectrum in 2100MHz band following successful bids at an auction held by the Bangladesh Telecommunication Regulatory Commission on 8 March 2021. The newly acquired spectrum will see Banglalink increase its total spectrum holding from 30.6MHz to 40MHz, enabling it to retain the leading position among all private operators in Bangladesh in terms of spectrum provided per subscriber. Banglalink will invest approximately BDT1,000 crore (USD115m1) to purchase the spectrum, which is one of the largest investments made by an operator in the country in recent times. The increased spectrum holding is expected to enable Banglalink to maintain network superiority and bolster its efforts for nationwide 4G expansion.
Erik Aas, Banglalink’s Chief Executive Officer, said: “Banglalink’s acquisition of this additional spectrum is yet another landmark in our endeavour to serve our customers as a digital service provider. With the Ookla® certified fastest mobile network in the country for the year 2020, we continue to be focused on performance and have made significant improvements in key indicators such as market share, data revenue and data customer base. The spectrum we are acquiring today will help us capitalize on this success and we expect it to further increase customer satisfaction.”
1Based on 84.94 USD/BDT
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 the benefits of our ongoing investment in spectrum in Bangladesh. 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.
VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com.