Jazz Gets Licence Renewed For $486 Million

Web Desk — For the renewal of its operational licence, the Pakistan Mobile Communications Limited (Jazz) signed an agreement with the Pakistan Telecommunication Authority (PTA) on Tuesday, committing the highest ever investment in the telecom sector.

The 15-year licence has been renewed against $486.2 million, 50 per cent (Rs44.54 billion or equivalent to $243.1n) of which has been deposited while Jazz will pay the rest of the payment in five equal installments.

In a tweet, Jazz CEO Aamir Hafeez Ibrahim said the company has committed $486m to renew its spectrum for another 15 years, which is the largest investment in the history of the telecom sector in Pakistan. “It reflects our commitment to improving our services to 75m customers,” he added.

PTA awarded the current 15-year operating licence to Jazz in 2007, which is set to expire in July this year.