Veon to buy remaining shares in Jazz for 100pc ownership

Veon, a leading global provider of connectivity and internet services, has announced that its partner in Pakistan, the Dhabi Group, has exercised its put option to sell Veon its 15pc shareholding in Pakistan Mobile Communications Limited (PMCL), the operating company of leading mobile operator, Jazz.

The transaction, which requires independent valuation to determine the fair value of the shareholding, is expected to close in the fourth quarter of 2020. Once completed, Veon will own 100pc of PMCL and achieve full beneficial ownership of Jazz, allowing it to simplify and streamline governance over its Pakistani assets, as well as capture the full value of dividends paid by PMCL.

The 'put option' is presently reflected in Veon Group's accounts as a liability over a non-controlling interest, the value of which is reappraised on a quarterly basis.