Engro Corp and Veon Partner for Telecom Expansion

Engro Corp, Pakistan's largest conglomerate, has partnered with Veon to expand telecom tower-sharing coverage in the country, aiming to enhance telecom infrastructure and explore new applications. This strategic collaboration includes a $188 million payment to Jazz, Veon's digital operator, and the guarantee of $375 million in intercompany debt repayment for Deodar, Veon's tower management entity. Samad Dawood, vice chairman of Dawood Hercules Corp, highlighted the potential for reaching international markets across the Atlantic coast of Morocco to Central Asia. With the recent completion of a $3 billion IMF bailout and a new $7 billion package, Pakistan is striving for macroeconomic stability, making this partnership timely. Engro's restructuring efforts are set to maximize economic opportunities, reflecting a shift towards innovative digital services in a growing telecom sector. The arrangement is subject to regulatory approvals and marks a significant step in both companies' asset-light strategies.