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VEON Ltd. ADS (symbol: VEON) is a global digital operator providing converged connectivity and internet services to nearly 160 million customers across six dynamic markets, including Pakistan, Ukraine, Kazakhstan, Bangladesh, Uzbekistan, and Kyrgyzstan. VEON offers a comprehensive suite of services encompassing voice, fixed broadband, data, and digital solutions under renowned brands such as Beeline, Kyivstar, banglalink, and Jazz.
Headquartered in Amsterdam and listed on NASDAQ and Euronext, VEON is committed to driving the personal internet revolution by transforming lives through technology-driven services that foster digital inclusion and economic growth. The company prides itself on its ability to empower individuals and create opportunities across its footprint, which covers more than 7% of the world's population.
VEON continuously innovates and expands its offerings. For instance, its subsidiary, Beeline Kazakhstan, in collaboration with IT firm QazCode, hosted the 2024 Beetech Conference in Astana. This event highlighted advancements in AI and big data, featuring participation from global tech giants like NVIDIA and local experts. QazCode also unveiled plans to establish the first GPU cloud in Central Asia, enhancing AI product development capabilities in the region.
Another milestone includes Banglalink's strategic phase-out of 3G services in Bangladesh to enhance its 4G network. This move is part of VEON's broader strategy to provide superior digital experiences and support the country's 'Smart Bangladesh Vision 2041'. Banglalink's 4G subscriber base has grown significantly, reflecting the success of this initiative.
VEON's digital entertainment platform, Tamasha in Pakistan, secured streaming rights for major ICC tournaments, catering to the passionate cricket fanbase. Such strategic content acquisitions are integral to VEON's customer engagement and retention strategy.
Financially, VEON has demonstrated robust growth, with a 6.6% year-on-year increase in total revenues for the first quarter of 2024. The company continues to invest in its infrastructure, with a notable 38.6% year-on-year increase in Capex. VEON maintains a strong liquidity position with USD 632 million in cash equivalents as of March 31, 2024.
VEON's leadership, including CEO Kaan Terzioğlu, is focused on executing its digital operator strategy, leveraging new technologies like AI to enhance customer experiences and drive growth. The recent AGM saw the appointment of a new board, including notable figures like former U.S. Secretary of State Michael R. Pompeo, reflecting VEON's commitment to governance and strategic oversight.
For more information, visit www.veon.com.
VEON's Ukrainian subsidiary Kyivstar and the Come Back Alive Foundation have successfully raised USD 2.6 million (UAH 107 million) for the We Live Here 2.0 project, aimed at demining Ukrainian territory. The campaign, supported by the Ministry of Economy of Ukraine, will fund Ukrainian-made robotics, 'Vampire' drones, vehicles, and communications tools for mine clearance operations.
This follows the first phase which raised USD 4.8 million (UAH 180 million), with Kyivstar's total contribution across both phases reaching USD 1.2 million (UAH 50 million). The initiative addresses a critical safety issue, as over 140,000 square kilometers of Ukraine are contaminated by landmines, which caused 608 civilian casualties, including 104 deaths, in 2024.
The funds will equip four newly created companies of engineering unmanned systems with Ukrainian-manufactured Termit and Tarhan ground robotic systems, supporting VEON's broader USD 1 billion commitment to rebuild Ukraine's telecom infrastructure.
VEON (Nasdaq: VEON) has been shortlisted for two Global Mobile (GLOMO) Awards at MWC 2025. JazzCash, Pakistan's largest fintech with nearly 20 million monthly active users, is nominated for 'Best Fintech Innovation' for its Tap Pay for Business solution, which transforms mobile devices into Point-of-Sale machines. Mobilink Microfinance Bank, VEON's digital banking subsidiary, is nominated for 'CMO Marketing Campaign' for its Invisible Heirs initiative, which addresses women's inheritance rights in Pakistan through an inheritance calculator in their mobile app.
These nominations follow VEON's previous GLOMO Award wins in 2024 for Kyivstar's Network Resilience Project and in 2023 for 'Best Mobile Operator Service for Connected Consumers'. The awards ceremony will take place in Barcelona on March 5th, 2025.
VEON (Nasdaq: VEON) has successfully completed a bond consent solicitation process with unanimous support from voting noteholders. The process aims to substitute a new VEON subsidiary for VEON Holdings B.V. and modify terms of its U.S.$1,013,683,000 3.375% Senior Unsecured Notes due November 2027.
The extraordinary resolution passed with 100% approval from voters, representing 95.83% of the total principal amount. This development is a important milestone following VEON's announcement of a letter of intent with Cohen Circle to pursue a business combination for listing Kyivstar on Nasdaq.
VEON (Nasdaq: VEON) has announced two strategic appointments to its Group Executive Committee (GEC), effective January 1, 2025. Aamir Ibrahim, CEO of Jazz and Chair of Mobilink Bank in Pakistan, and Evgeniy Nastradin, CEO of Beeline Kazakhstan, will join the GEC while maintaining their current country CEO roles.
The appointments aim to strengthen VEON's strategic market alignment and support the company's digital services-driven growth plans. Ibrahim will leverage his experience in transforming Pakistan's financial services to sponsor the Group's financial services businesses. Nastradin, who led QazCode's development into a leading digital enterprise solutions provider in Kazakhstan, will sponsor the evolution of VEON's technology companies.
VEON (Nasdaq: VEON) has signed a letter of intent with Cohen Circle Acquisition Corp. I (Nasdaq: CCIRU) to list its Ukrainian subsidiary, Kyivstar, on the Nasdaq Stock Market in the U.S. This move would make Kyivstar the first purely Ukrainian company to be listed on a U.S. exchange, providing international investors direct access to its growth and Ukraine's economic recovery.
Kyivstar is Ukraine's leading digital operator with nearly 24 million connectivity customers and a portfolio that includes the digital healthcare platform Helsi and the entertainment streaming service Kyivstar TV. Kyivstar also offers enterprise services like cloud, cybersecurity, and AI solutions, and has recently partnered with Starlink to enhance communication resilience in Ukraine.
The business combination with Cohen Circle aims to indirectly list Kyivstar on Nasdaq, with VEON retaining a majority stake. Details are expected by Q2 2025. A pre-transaction reorganization of VEON Holdings will be completed by March 2025, separating Kyivstar and certain assets into a new entity. VEON has begun the demerger process and launched a consent solicitation for bondholders to facilitate these actions.
VEON (Nasdaq: VEON) has appointed Burak Ozer as Group Chief Financial Officer (CFO), effective January 9, 2025. Ozer succeeds Joop Brakenhoff, who will transition to an Advisor role to the Group CEO. Ozer brings over 27 years of international finance experience, including key financial positions at Xerox in the USA and UK, and as General Manager of Xerox Turkey. His recent experience includes serving as CFO in the global Digital Transformation, IT Solutions & Cybersecurity sector.
VEON Group CEO Kaan Terzioglu welcomed Ozer, highlighting his international experience and track record as valuable assets for VEON's positioning in frontier markets. In his new role, Ozer will focus on driving growth and maintaining strong financial governance as VEON expands its services across connectivity, financial services, entertainment, education, and healthcare sectors.
VEON (Nasdaq: VEON) announces that its Ukrainian subsidiary Kyivstar has signed an agreement with Starlink to introduce direct-to-cell satellite connectivity in Ukraine. The service is expected to launch in Q4 2025, initially offering SMS and OTT messaging functionality, with plans to expand to voice and data services later.
This partnership will make Ukraine among the first countries to have Starlink's direct-to-cell service, enhancing the country's connectivity resilience. Kyivstar has invested significantly in 4G network expansion and energy redundancy since the war began. VEON has invested over USD 10 billion in Ukraine since 2013 and committed an additional USD 1 billion for recovery and reconstruction from 2023 through 2027.
VEON (Nasdaq: VEON) has completed the relocation of its Group headquarters from Amsterdam to Dubai International Financial Centre (DIFC). The move follows Board approvals on December 12 and 19, 2024, making VEON the largest Nasdaq-listed company headquartered in Dubai. The Amsterdam office will be further scaled down as previously announced.
VEON operates as a global digital operator serving 160 million connectivity customers and 110 million monthly active digital users across six markets: Ukraine, Pakistan, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan. The company aims to leverage Dubai's talent pool and enhance visibility with Gulf investors while maintaining its Nasdaq listing.
VEON (Nasdaq: VEON), a global digital operator, has disclosed its unaudited interim condensed consolidated financial statements for the three-month and nine-month periods ending 30 September 2024. This follows a 3Q24 trading update released on 14 November 2024. The Financial Statements are available on the VEON Group website.
VEON (Nasdaq: VEON) secured two victories at the World Communication Awards 2024. Its Ukrainian operator Kyivstar won the Crisis Response Award for maintaining telecommunications during Russia's invasion, including deploying 2,300 power generators and 113,000 batteries to combat blackouts. The company's $1 billion investment pledge in Ukraine's digital infrastructure (2023-2027) was also recognized.
Jazz, VEON's Pakistani operator, received the Best Operator in a Growth Market Award for its 72-million subscriber base and successful digital services portfolio in financial services, entertainment, and healthcare. The awards, judged by over 100 independent industry experts, were presented in London on December 10th, highlighting both operators' significant contributions to their respective markets.
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