Amsterdam and Dhaka, 31 January 2024: VEON Ltd. (NASDAQ:VEON, Euronext Amsterdam: VEON)), a global digital operator that provides converged connectivity and online services, announces that, further to the announcement dated 15 November 2023, and the legal transfer of towers in December 2023 following the receipt of all regulatory approvals, its wholly owned subsidiary Banglalink has completed the sale of part of its tower portfolio in Bangladesh to Summit Towers Limited for a consideration of approximately BDT 11 billion (c. USD 100 million).
With this transaction, Summit Towers Limited, a subsidiary of Summit Communications Group, the largest Telecommunications Infrastructure Company in Bangladesh, took ownership of 2,012 Banglalink towers. Under the terms of the Master Tower Agreement between the parties, Banglalink secures the provision of tower infrastructure services for an initial period of 12 years, with potential extensions.
"This sale marks an important milestone for us, as we continue to successfully execute our strategy to transform VEON into an asset-light digital operator. This is a first and an important step in crystalizing the value of our infrastructure assets in Bangladesh, enabling Banglalink to focus on delivering value as a digital operator that offers its customers locally relevant digital services," said Kaan Terzioglu, Group CEO of VEON.
"Over the past year and a half, we have successfully doubled our network capacity and extended coverage nationwide, prioritizing widespread 4G accessibility for all. This strategic expansion has significantly enhanced the quality of services ...