Karachi: Jazz International Holding Limited has been formally identified as the acquirer in the ongoing acquisition of TPL Insurance Limited, following a recent update to the public announcement of intention. Arif Habib Limited, serving as the manager to the offer, disclosed this development in an addendum, which is set to be published on December 17, 2025, in the Business Recorder and Nawa-i-Waqt newspapers.
The original public announcement of intention was made by VEON Group Holding Company Ltd and its affiliated entities on September 8, 2025. However, the acquirer has now been confirmed as Jazz International Holding Limited, with Pakistan Mobile Communications Limited acting in concert. This strategic move is conducted under the framework of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
According to information available from the Pakistan Stock Exchange (PSX), Jazz International Holding Limited is a subsidiary of VEON Ltd, a prominent global digital operator headquartered in Dubai. VEON Ltd provides telecommunications and digital services to approximately 160 million customers across five countries, including Pakistan. The organization operates under the brand Jazz in Pakistan, where it serves over 70 million subscribers, marking its significant presence in the telecommunications sector.
VEON Ltd, the ultimate beneficial owner, is listed on Nasdaq and continues to focus on expanding its telecommunications, digital financial services, and technology and innovation offerings. Jazz International Holding Limited was incorporated on September 11, 2025, in the United Arab Emirates and is wholly owned by VEON MidCo B.V.
This acquisition reflects VEON Group's commitment to expanding its footprint in Pakistan's digital and telecom sectors, further enhancing its market position through strategic investments and regulatory compliance.
As the proceedings progress, the market will closely monitor the impact of this acquisition on the designated market category, particularly in light of VEON Group's established track record of driving economic growth through technology-driven services.