Welcome to our dedicated page for VEON Ltd. ADS news (Ticker: VEON), a resource for investors and traders seeking the latest updates and insights on VEON Ltd. ADS stock.
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.
Amsterdam, 28 February 2023: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) announced that Banglalink has signed a tri-party agreement with Teletalk and Summit Towers Ltd. for telecom infrastructure sharing in Bangladesh. This initiative will enable both operators to share resources under relevant guidelines, supported by Summit Towers Ltd. for technical assistance.
CEO Erik Aas emphasized the collaboration as a means to enhance customer experience and service quality while promoting environmental sustainability. Kaan Terzioglu, CEO of VEON Group, stated this partnership aligns with their digital operator strategy, benefiting mobile customers.
VEON Ltd. announced on 21 February 2023 the completion of a share transfer to Joop Brakenhoff, a member of the Group Executive Committee, under its Deferred Share Plan. A total of 104,047 shares vested, with 52,543 shares transferred to Mr. Brakenhoff and 51,504 shares withheld for local tax. This follows previous transfers to the CEO and CFO in July 2022. GEC members are expected to hold shares equivalent to 6.0x the CEO's annual salary and 2.0x for other members. Post-transaction, Mr. Brakenhoff holds 145,115 American Depositary Shares.
Amsterdam, Netherlands, 21 February 2023 – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) announces the launch of 4G mobile connectivity for the Tashkent metro in Uzbekistan via its digital operator Beeline. The coverage spans all 31 underground stations, enhancing access for approximately 620,000 daily riders. In 2022, Tashkent metro recorded 220 million passenger journeys. Beeline's initiative forms part of its '4G for all' strategy, increasing 4G base stations by 2,300, which boosted 4G population coverage by 16%. This development advances Uzbekistan's digital infrastructure and positions Tashkent as a Central Asian IT hub.
VEON Ltd. has received regulatory approval for the sale of its Russian operations to senior management of PJSC VimpelCom, led by CEO Alexander Torbakhov. This approval comes from the Russian Federal Antimonopoly Service and is seen as a significant milestone. The transaction is expected to complete by June 1, 2023, enhancing VEON's equity, reducing debt, and improving its credit profile. CEO Kaan Terzioğlu emphasized the sale as an optimal solution for all stakeholders involved, including shareholders.
VEON Ltd. has announced a change in the ratio of its American Depositary Receipts (ADR) program, moving from one ADS representing one common share to one ADS representing twenty-five shares. This change, effective March 6, 2023, requires current ADR holders to exchange their existing ADRs accordingly. The adjustment is expected to increase the trading price of the ADSs proportionally but does not guarantee compliance with Nasdaq's minimum bid price requirement. VEON has until April 3, 2023 to meet this requirement, and the company expresses optimism that this change will benefit stakeholders and enhance its Nasdaq listing visibility.
VEON Ltd. has announced that its Scheme, previously sanctioned by the Court, has become effective as of January 31, 2023. This follows an announcement on January 30, 2023, confirming the fulfillment of conditions necessary for the Scheme's effectiveness. The Scheme imposes a Standstill that restricts 2023 Noteholders from taking Enforcement Action against the Company. The amendments will become effective upon meeting certain conditions, including obtaining necessary licenses. VEON provides digital services to over 200 million customers across seven markets, contributing to digital inclusion and economic growth.
VEON Ltd. announced that the Court has sanctioned the Scheme regarding its 2023 Notes, providing protection to its Scheme Creditors from enforcement actions. The Order will take effect upon delivery to the Registrar of Companies, allowing the Scheme to become binding. The sanctioning of the Scheme aims to bolster VEON's financial flexibility and time to finalize the sale of its Russian business. The company has also confirmed that the Order is exempt from stamp duty. CEO Kaan Terzioglu expressed optimism, stating it is in the best interest of all stakeholders.
VEON Ltd. has confirmed that the Scheme Sanction Hearing is scheduled for 30 January 2023 at 10:30 a.m. London time. This hearing follows the results of a Scheme Meeting held on 24 January 2023. The company will seek a court order to sanction the Scheme, which if approved, will become effective upon meeting other specified conditions. Scheme Creditors are allowed to attend the hearing and make representations. They must register by 27 January 2023. VEON is a global digital operator headquartered in Amsterdam, providing services to over 200 million customers across seven markets.
VEON Ltd. announces that its proposed Scheme has been overwhelmingly approved by 97.59% of Scheme Creditors present and voting at the Scheme Meeting held on 24 January 2023. The required statutory majority was achieved, with 94.79% of votes by number in favor of the Scheme. A Scheme Sanction Hearing is scheduled for 30 January 2023 in London, and further details will be provided as the date approaches. If sanctioned, the Scheme will take effect provided all conditions are met. VEON, headquartered in Amsterdam, serves over 200 million customers in seven markets, focusing on digital transformation and economic growth.
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