AMSTERDAM, Sept. 28, 2020 /PRNewswire/ -- VEON Ltd.
(NASDAQ: VEON) (Euronext Amsterdam: VEON), a leading global
provider of connectivity and internet services, announces that its
partner in Pakistan, the Dhabi
Group, has exercised its put option to sell VEON its 15%
shareholding in PMCL, the operating company of Pakistan's leading mobile operator, Jazz.
The transaction, which requires independent valuation to
determine the fair value of the shareholding, is expected to close
in 4Q 2020. Once completed, VEON will own 100% 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.
This release contains "forward-looking statements", as the
phrase is defined in Section 27A of the U.S. Securities Act of
1933, as amended, and Section 21E of the U.S. Securities Exchange
Act of 1934, as amended. Forward-looking statements are not
historical facts, and include statements relating to, among other
things, expectations regarding the achievement of the potential
benefits of the transactions described above. Forward-looking
statements are inherently subject to risks and uncertainties, many
of which VEON cannot predict with accuracy and some of which VEON
might not even anticipate. The forward-looking statements contained
in this release speak only as of the date of this release. VEON
does not undertake to publicly update, except as required by U.S.
federal securities laws, any forward-looking statement to reflect
events or circumstances after such dates or to reflect the
occurrence of unanticipated events.
SOURCE VEON Ltd