VEON (VEON +0.4%) announces that its partner in Pakistan, the Dhabi Group, has exercised its put option to sell VEON its 15% shareholding in Pakistan Mobile Communications Limited (PMCL).
Once the transaction is completed, VEON will own 100% of PMCL, the operating company of Pakistan's leading mobile operator Jazz. It would also allow VEON to achieve full beneficial ownership of Jazz.
The company says this ownership will "simplify and streamline governance over its Pakistani assets", as well as allow it to "capture the full value of dividends paid by PMCL."
Transaction is expected to close in 4Q 2020.