PMCL is the operating company of Pakistan's mobile operator, Jazz and should the deal go ahead Veon will own 100% of PMCL and as well as full ownership of Jazz.
As a result, Veon will be able to simplify and streamline governance over its Pakistani assets, as well as capture the full value of dividends paid by PMCL.
The deal is subject to an independent valuation to determine the value of the 15% share and is expected to close in Q4 of 2020.
The put option is presently reflected in Veon Group's accounts as a liability over a non-controlling interest, the value of which is reappraised on a quarterly basis.
In related news, Veon reported a revenue decline of 16.3% in its year-on-year Q2 revenues.
The company said in a statement that the drop to $1,892 million was in part the result of lockdowns across its operating markets which put pressure on both operational and financial performance during the quarter before gradual relaxations enabled a steady late-quarter improvement across a number of markets.
