Veon Bangladesh subsidiary to share towers with biggest local provider

MOSCOW. Aug 4 (Interfax) - Bangalink, a subsidiary of telecom group Veon in Bangladesh, has signed an agreement to share tower infrastructure with Bangladesh Telecommunications Company Limited (BTCL), Veon said in a press release.

The details of the agreement were not disclosed.

Sharing towers will enable Bangalink to reduce investment in tower infrastructure and focus on developing digital services, Veon Group CEO Kaan Terzioglu said in the press release.

The agreement will also help Bangalink expand its 4G coverage and improve the quality of its services, the company said.

Veon announced at the end of 2021 that it planned to sell its tower assets in Bangladesh in 2022-2023.

Veon's largest shareholder, with 47.9% of shares, is LetterOne, a division of Alfa Group, which controlled by Mikhail Fridman and partners. The company's free float on Nasdaq is 43.8%, and another 8.3% of the group is managed by a Dutch stichting, or trust.