According to a report on Tuesday, VEON is in advanced talks to sell its energy assets in Pakistan. In Pakistan, VEON owns between 10,000 and 12,000 towers, with each tower valued between $60,000 and $80,000 depending on interest rates.
VEON is a telecommunications network that was established in Moscow in 1992. Since then, it has grown into a global giant of global home communications. According to the registry, it has more than 127 million customers in nine countries. Undoubtedly, the company, currently the largest operator in Russia, has just started the sale process. However, due to the various consequences of the Ukraine war, the company’s share price has declined by two-thirds this year. Not only that, but last year, VEOon sold 15,000 towers in Russia for nearly $970 million to service Telecom LLC.
In addition, VEON Group Executive Director Kaan Terzioglu said that the sale process is very close to completion. According to the report, Saudi Telecom Co.Unit, a consortium between Pakistan’s TPL Corp and UAE-based TASC Towers, and Pakistani conglomerate Engro are among the tower’s bidders.
A VEON spokesperson and Saudi Telecom spokesperson declined to comment. A request for comment from TPL-TASC Consortium and Engro officials was not immediately responded to. In regards to the tower purchase, none of the companies responded and provided adequate commentary.
Furthermore, it is essential to mention here that TPL REIT Management Company Limited, a wholly owned subsidiary of TPL Properties Limited. Decided to enter a strategic cooling with TASC Towers, based in the United Arab Emirates. To acquire a telecommunications tower infrastructure company through an Infrastructure Real Estate Investment Trust (REIT).
TPL REIT Management Company Limited is wholly owned by TPL Properties Limited. TPL RMC and TASC, as a consortium, participated in an auction to acquire shares of maximum infrastructure of telecommunications tower infrastructure through an infra-REIT. This objective was to receive all essential clearances and authorization from regulatory authorities.
Story behind The Collapsing business
In 2017, VEON and Global Telecom Holding (GTH) agreed to sell their tower business in Pakistan for nearly $940 million. Under the Tanzanite contract, a power operating company operated by Malaysia’s Edocto group and Dawood Hercules Corporation, would purchase VEON’s and GTH’s subsidiary in Pakistan. Including the Jazz and its integral tower company, Deodar, which had a portfolio of over 13,000 telecommunications towers.
Unfortunately, the companies are waiting to see if they successfully obtain the necessary regulatory approvals to close the potential deal.
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