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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 (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.
VEON announces the launch of an open-source Kazakh-language large language model (Kaz-LLM), developed through a consortium led by Kazakhstan's Ministry of Digital, Innovations, and Aerospace Industry. The model, featuring 150 billion tokens and versions with 8 billion and 70 billion parameters, supports Kazakh, Turkish, English, and Russian languages.
The project involves collaboration between the Institute of Smart Systems and Artificial Intelligence at Nazarbayev University, VEON's QazCode, Beeline Kazakhstan, and the Astana Hub. The model has been published on the Hugging Face platform, marking a significant step in developing AI-powered services in Kazakhstan. This initiative builds on VEON's previous success with the Kaz-RoBERTA-conversational model, which has been downloaded over 3,000 times and is currently used in Beeline Kazakhstan's customer service.
VEON (Nasdaq: VEON) has announced the launch of the first phase of its share buyback program, targeting up to USD 30 million in American Depositary Shares (ADS). This initial phase is part of a larger USD 100 million buyback plan, to be executed on the open market through a 10b5-1 plan with a registered broker-dealer, complying with Rule 10b-18.
The company believes its ADSs are currently undervalued compared to its operational performance and strategic potential. The buyback aims to optimize shareholder value and strengthen VEON's financial position. The timing and specifics of subsequent phases will depend on liquidity considerations, market conditions, and legal requirements.
VEON (Nasdaq: VEON) announces a strategic partnership with Engro for telecommunications infrastructure management, starting in Pakistan. The first phase involves transferring VEON's infrastructure assets under Deodar to Engro Corp's subsidiary, Engro Connect. Jazz will continue to lease Deodar's infrastructure for mobile services under a long-term agreement.
As part of the arrangement, Engro will pay Jazz approximately USD 188 million and guarantee Deodar's intercompany debt repayment of USD 375 million. The deal aligns with VEON's asset-light strategy, focusing on developing services-focused businesses. The arrangement is subject to legal and regulatory approvals in Pakistan.
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