VEON, a global digital operator, is preparing to sell up to 20 percent stake in Jazz in an initial public offering (IPO), Bloomberg reported on Thursday quoting VEON Chief Executive Officer Kaan Terzioglu.
Terzioglu said concrete decisions would be made regarding the IPO in a 12-month horizon. He further said that Pakistan’s pension funds, and local and retail investors would be keen to have a stake in Jazz.
In May, Jazz CEO Aamir Ibrahim said the telecom company plans to list on the Pakistan Stock Exchange (PSX). However, Ibrahim did not disclose when the company plans to go public but said it was on the cards.
Veon recently hired Farrukh Khan, the CEO of the Pakistan Stock Exchange, as its chief financial officer in Pakistan with the IPO in mind, said Terzioglu. Khan is set to start his new role in September.
Veon has teams to “prepare us for a potential listing” of its units, Terzioglu said. “Pakistan is the best place to start,” he added.
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I think they are doing this in order raise Capital for the Upcoming 5g Auction in next year.
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