Market rumors imply the company is attempting to acquire the tower facilities of worldwide wireless carrier Veon Ltd, which operates the Jazz mobile service in Pakistan, despite the fact that the investment size and acquisition target were not disclosed in the securities filing. The spokesperson of Engro Corporation declined to comment when asked if the securities announcement was truly related to the possible acquisition of Veon’s tower facilities. Veon CEO Kaan Terzioglu was reported in a recent Bloomberg News article as indicating that the worldwide company was about to close the sale of its 10,000-12,000 cell phones in Pakistan. The transaction size is anticipated to be between $600 million and $960 million. Having said that a single tower is worth between $60,000 and $80,000. In early September, TPL Properties Ltd expressed the desire to purchase a Pakistani cellular tower infrastructure company. The company did not disclose the anticipated transaction size or the identification of the company it wished to buy. At the time, though, an industry insider informed Dawn that TPL Properties was considering an investment of around Rs100 billion.
Engro Corporation Eyes To Attain Mobile Phone Towers Business
The number of cellphone towers in Pakistan exceeds 40 thousand. On average, every mobile network operator (MNO) runs between 10,000 and 11,000 towers. The four mobile network operators operate more than 80 percent of all mobile towers. The remainder of the network is managed by four separate tower operators. Engro Corporation already manages Enfrashare, a company with 2,246 towers in Pakistan. Analysts predict that if the transaction is finalized, Veon/stake Jazz’s in the mobile tower industry will be reduced to zero. It will allow the company to concentrate on its core revenue streams. Read Also: Has Pakistan Developed For 5G Infrastructure? A Report by GSMA Head
