VEON and Engro Corp Announce Strategic Partnership for Telecommunications Infrastructure [Yahoo! Finance]
KONINKLIJKE VOPAK UNS/ADR (VOPKY)
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Source: Yahoo! Finance
is entering into a strategic partnership with Engro Corporation Limited (“Engro Corp”) with respect to the pooling and management of its infrastructure assets, starting in Pakistan. In the first phase of the partnership, VEON's infrastructure assets housed under Deodar (Private) Limited (“Deodar”), a VEON Group company wholly owned by VEON through its subsidiary PMCL, will vest into Engro Corp's subsidiary, Engro Connect, via a scheme of arrangement. VEON's digital operator Jazz will continue to lease Deodar's extensive infrastructure for the provision of nationwide mobile voice and data services under a long-term partnership agreement. The partnership marks a significant milestone in VEON's asset-light strategy, aimed at increasing the Company's focus on the development of services-focused businesses in line with VEON's digital operator model. The arrangement is subject to the customary legal and regulatory approvals in Pakistan. As part of the arrangement, Engro will pay Jazz an
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