Engro Partners with VEON’s Jazz to Expand Pakistan’s Digital Connectivity

Engro Corporation is pleased to announce a strategic partnership with Pakistan Mobile Communications Limited (“Jazz”) and its parent company VEON Group, marking a significant step forward in expanding Pakistan’s digital connectivity. This initiative aims to drive affordable, widespread access to telecommunication services, supporting national efforts to bridge the digital divide. Through a scheme of arrangement, Jazz’s telecom infrastructure assets, housed under its wholly owned subsidiary Deodar (Private) Limited (“Deodar”), will vest into Engro Connect, a subsidiary of Engro Corporation. Engro will guarantee the repayment of Deodar’s debt of $375 million and provide Jazz with an additional $187.7 million. The transaction is subject to corporate, legal, and regulatory approvals. Engro entered the telecommunication infrastructure sector in 2018 and provides essential infrastructure to all Mobile Network Operators (MNOs) in Pakistan. This partnership is designed to benefit the broader telecom ecosystem – by utilizing Engro’s infrastructure, MNOs will reduce capital and operational expenditures, allowing them to focus on delivering enhanced services and expanding coverage. This cost efficiency will enable operators to reach underserved areas, improving connectivity for millions of Pakistanis and supporting the nation’s digital transformation. Hussain Dawood, Chairman of Engro Corporation, commented: Ahsan Zafar Syed, President & CEO of Engro Corporation remarked: Engro remains committed to fostering collaborative solutions that benefit communities and drive sustainable economic growth, ensuring that everyone, regardless of location, can participate in the digital future.