VEON's Largest Market Pakistan Almost Triples Mobile Spectrum in Reform Push; Jazz Secures Largest Allocation with 190 MHz
MWN-AI** Summary
VEON Ltd., a global digital operator, announced the successful completion of a significant mobile spectrum auction in Pakistan, its largest market. Following this auction, the Pakistani government nearly tripled the available spectrum for mobile operators, increasing it from 274 MHz to 754 MHz. VEON's subsidiary, Jazz, emerged as the top recipient, securing an allocation of 190 MHz. This spectrum includes various bands, specifically 50 MHz in the 3500 MHz band, 70 MHz in the 2600 MHz band, 50 MHz in the 2300 MHz band, and 20 MHz in the 700 MHz band.
Kaan Terzioglu, VEON’s Group CEO, praised the government’s initiative for bolstering the national digital infrastructure, stating that this move creates a favorable environment for investments and innovation. He acknowledged Pakistan's potential for growth in connectivity and digital services, emphasizing that the reforms would accelerate technological development across the country.
Aamir Ibrahim, CEO of JazzWorld, echoed these sentiments, highlighting how the additional spectrum will enhance digital connectivity and improve network capacity. With over 100 million users and 74 million mobile connectivity customers, Jazz aims to leverage this new spectrum to upgrade services and introduce innovative digital solutions. The payment for the auctioned spectrum, totaling approximately USD 239.5 million, is expected to begin in Pakistani Rupees starting in 2027, allowing operators sufficient time to implement necessary technologies.
VEON and JazzWorld recently launched the "Invest in Pakistan, NOW!" campaign, aimed at attracting international investors to Pakistan's evolving digital economy. Overall, this auction marks a significant step in advancing Pakistan's digital landscape and enhances VEON’s strategic positioning in the region.
MWN-AI** Analysis
The recent mobile spectrum auction in Pakistan is a pivotal moment for VEON Ltd. and its subsidiary Jazz World. This development represents an extraordinary opportunity for investors focused on the telecom sector, particularly in emerging markets. With the Pakistani government nearly tripling the mobile spectrum from 274 MHz to 754 MHz, VEON's Jazz has secured a substantial 190 MHz, the largest allocation in the auction. This will significantly enhance Jazz's capacity to provide high-quality mobile broadband services across Pakistan.
Investors should view this spectrum acquisition as a key strategic maneuver positioning Jazz to capitalize on the burgeoning demand for digital services. The addition of spectrum across various bands—including 3500 MHz, 2600 MHz, 2300 MHz, and 700 MHz—will enable Jazz to expand its network capacity and support innovations in connectivity and digital services, which are imperative for driving economic growth in Pakistan.
Moreover, the payment structure allows Jazz to begin payments in 2027, providing a crucial window to deploy the necessary network technological upgrades without immediate financial strain. This delay in payment comes as an attractive factor for investors wary of liquidity issues in emerging markets. The acknowledgment by Kaan Terzioglu, VEON's CEO, regarding government reforms reflects an ecosystem increasingly conducive to investment and innovation, adding another layer of confidence to the prospects of VEON.
Additionally, with Jazz serving over 100 million customers and spearheading diverse initiatives in fintech, health-tech, and entertainment, the company is well-positioned to leverage its enhanced capabilities from this auction. As it continues to emphasize its “Invest in Pakistan, NOW!” initiative, investors should closely monitor VEON’s next moves to identify further opportunities for growth in both the telecommunications sector and the broader digital economy.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Islamabad, Dubai and New York - March 10, 2026: VEON Ltd. (Nasdaq: VEON, “VEON”), a global digital operator, is pleased to note the successful mobile spectrum auction held today in its largest market Pakistan. With the auction, the Pakistani Government nearly triples the spectrum available to mobile operators, with VEON’s subsidiary Jazz, Pakistan’s leading connectivity provider under JazzWorld, securing the largest allocation of 190 MHz.
The auction increased the spectrum available to mobile operators from 274 MHz to 754 MHz, strengthening Pakistan’s digital infrastructure and supporting faster broadband and next-generation digital services. Jazz’s acquisition includes 50 MHz in the 3500 MHz band, 70 MHz in the 2600 MHz band, 50 MHz in the 2300 MHz band, and 20 MHz in the 700 MHz band.
Kaan Terzioglu, VEON Group CEO, welcomed the government’s reform-driven expansion of national digital infrastructure. “We commend the Government of Pakistan, the Ministry of Information Technology and Telecommunication, and the Pakistan Telecommunication Authority for conducting a forward-looking spectrum auction that strengthens the national digital infrastructure and creates an environment for conducive to investment and innovation. Pakistan is VEON’s largest market with significant untapped potential, and this reform will help accelerate the development of connectivity, digital services and AI-enabled platforms across the country.”
Aamir Ibrahim, CEO of JazzWorld, highlighted the role of additional spectrum in expanding Pakistan’s digital connectivity. “As we upgrade our customer value proposition with augmented intelligence, it is essential to continue investing in technologies that enable superior digital experiences. The additional spectrum secured in this auction allows us to expand connectivity, enhance network capacity and continue scaling high-quality mobile broadband nationwide while progressively introducing new capabilities that support innovation, enterprise growth and digital inclusion.”
Payments for the spectrum awarded in today’s auction will be made in Pakistani Rupees (PKR) beginning in 2027, allowing operators time to deploy the required network technology. Jazz, which acquired 40% of the spectrum sold in the auction, will pay the PKR equivalent of approximately USD 239.5 million at the prevailing exchange rate.
JazzWorld serves more than 100 million users across connectivity and digital services, including 74 million mobile connectivity customers. Jazz will continue to invest in network rollout and optimization to support expanding connectivity and digital services across the country.
VEON and JazzWorld launched their “Invest in Pakistan, NOW!” campaign in February, highlighting the country’s strengthening macroeconomic fundamentals and inviting international investors to explore new opportunities in Pakistan’s digital economy.
About VEON
VEON is a digital operator that provides connectivity and digital services to nearly 150 million connectivity customers and 140 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. VEON is listed on NASDAQ. For more information, visit: https://www.veon.com/.
About JazzWorld
JazzWorld is Pakistan’s leading integrated digital ServiceCo, serving over 100 million users through a portfolio spanning connectivity (Jazz), fintech (JazzCash), banking (Mobilink Bank), entertainment (Tamasha), ultra-app (SIMOSA), insurtech (FikrFree), enterprise cloud solutions (Garaj), gaming (GameNow), health-tech (Apna Clinic), fashion marketplace (Zarr), and more. This evolution reflects Jazz’s strategic shift from connectivity to capability, enabling platforms that ensure a better life for all through the power of technology. For more information, visit: http://www.jazz.com.pk/
Forward-Looking Statements Disclaimer
This release contains “forward-looking statements”, within the meaning of the 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. Such forward-looking statements include, but are not limited to, statements relating to VEON’s and its subsidiaries’ strategic ambitions and investments. There are numerous risks, uncertainties that could cause actual results and performance to differ materially from those expressed by such statements, including risks relating to VEON’s and its subsidiaries’ strategic ambitions and investments, among others discussed in the section entitled “Risk Factors” in VEON’s 2024 Form 20-F filed with the SEC on April 25, 2025 and other public filings made by VEON with the SEC. The forward-looking statements contained herein speak only as of the date of this release and VEON disclaims any obligation to update them, except as required by law.
Contact Information
VEON
Hande Asik
Chief Communications and Strategy Officer
pr@veon.com
FAQ**
How will VEON Ltd. VEON's successful mobile spectrum auction in Pakistan influence its competitive positioning against telecom giants in markets like Dubai and New York?
In what ways does VEON Ltd. VEON plan to leverage the expanded digital services and AI-enabled platforms in Pakistan to enhance user experience compared to its offerings in Islamabad, Dubai, and New York?
Considering the macroeconomic context, how does VEON Ltd. VEON evaluate the investment opportunities in Pakistan versus the established digital markets of Dubai and New York?
What strategies will VEON Ltd. VEON implement to overcome potential risks and uncertainties in its growth trajectory in Pakistan, while balancing investments in its other markets, including Dubai and New York?
**MWN-AI FAQ is based on asking OpenAI questions about VEON Ltd. (NASDAQ: VEON).
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