Wireless digital telecommunication network Veon is in advanced talks to sell its power assets in Pakistan, declared in a report on Tuesday. Veon owns 10,000 to 12,000 towers in Pakistan, whereas the value of each tower is approximately $60,000 to $80,000, depending on interest rates.
Veon is a telecommunication network that was established in Moscow back in 1992. Since then, it has expanded into a Dutch-domiciled global communications giant. According to the record, it has more than 127 million customers in nine countries. Undoubtedly, the company, is currently the largest operator in Russia, has just begun the selling process. However, due to the various consequences of the Ukraine war, the company’s share price has decreased by two-thirds this year. Not only this, but last year Veon sold 15,000 towers in Russia for nearly $970 million to Service Telecom LLC.
Besides, Veon’s Group Chief executive officer Kaan Terzioglu reportedly said that the sale process is very close to the conclusion. 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 bidders.
However, the spokespersons for Veon and Saudi Telecom declined to comment. The TPL-TASC consortium and Engro officials didn’t immediately respond to a request for comment. None of the companies answered about buying the towers and provided a suitable comment regarding the potential deal.
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