Cairo – Mubasher: Jazz, a subsidiary of Global Telecom Holding (GTH), on Tuesday announced the acquisition of a 4G/LTE frequency in Pakistan at a value of $295 million, in addition to a 10% withholding tax.

Jazz was awarded a 10 MHz paired frequency on the 1800 MHz band, which will help the mother company Veon Ltd to improve customer experience in terms of the quality of voice, data speed, and communication, according to a statement to the Egyptian Exchange (EGX).

“Veon is committed to [create] the best user experience for Jazz’s more than 53 million customers. This additional frequency will let our customers surf faster, with better quality and coverage, making Veon the ideal platform to fulfill Pakistan’s digital ambitions,” Veon’s head of Emerging Markets and chairman of GTH Jon Eddy said.

Veon owns a 57.7% stake in GTH’s capital, the statement added.

Global Telecom’s consolidated net profit for the first quarter of fiscal year 2017 declined by 99% to $1.2 million, versus $87.5 million for Q1-16.

By 11:25 am Egypt time, Global Telecom Holding stock stood at EGP 6.41 after adding 1.75%.