VEON, a global digital operator, is preparing to sell up to a 20 percent stake in Jazz through an initial public offering (IPO), according to VEON Chief Executive Officer Kaan Terzioglu, as reported by Bloomberg on Thursday.
Terzioglu indicated that concrete decisions regarding the IPO would be made within the next 12 months. He expressed confidence that Pakistan’s pension funds, along with local and retail investors, would be interested in acquiring a stake in Jazz.
In May, Jazz CEO Aamir Ibrahim announced the telecom company’s plans to list on the Pakistan Stock Exchange (PSX). While Ibrahim did not specify the timeline for going public, he confirmed that the listing was in the pipeline.
To facilitate the IPO, VEON has recently appointed Farrukh Khan, the CEO of the Pakistan Stock Exchange, as its chief financial officer in Pakistan. Khan is expected to assume his new role in September.
VEON has dedicated teams to prepare for the potential listing of its units, with Terzioglu stating, “Pakistan is the best place to start.”
The move is seen as a strategic step to attract investment and enhance the company’s presence in the Pakistani market.
