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, 18 January 2023: VEON Ltd. announced the U.S. Department of the Treasury has replaced General License 54 with General License 54A. This new license includes both VEON Ltd. and VEON Holdings B.V., allowing transactions related to the purchase of their debt or equity securities that were previously prohibited. The license applies to debt and equity securities issued before 6 June 2022 and covers all necessary facilitation activities. VEON Group CEO Kaan Terzioğlu expressed satisfaction over the confirmation, which alleviates market uncertainties regarding VEON Holdings' debt.
On January 17, 2023, VEON Ltd. provided an update on its proposed scheme of arrangement regarding its 5.95% and 7.25% notes due in 2023. Eligible Noteholders must submit completed Voting and Proxy Forms by 5 PM London time on January 20, 2023, to vote at the upcoming Scheme Meeting. The Company aims to facilitate voting by accepting late submissions from certain Noteholders who missed the initial Custody Instruction Deadline. Detailed proof of holdings is required from these Noteholders to participate. The announcement emphasizes compliance with sanctions laws affecting eligible participants in the Scheme.
Amsterdam, 16 January 2023 – VEON Ltd. (NASDAQ: VEON) has reached out to holders of its 5.95% notes due February 2023 and 7.25% notes due April 2023 to support an English Scheme of Arrangement. The proposal aims to extend the maturities of these notes by eight months. CEO Kaan Terzioğlu emphasized the importance of repayment amid challenges in raising funds. The Scheme is designed to mitigate risks associated with cash being trapped in international clearing systems and is linked to VEON's asset monetization strategy, particularly the planned sale of its Russian operations. A scheme meeting is scheduled for 24 January 2023, with a voting deadline set for 20 January 2023.
VEON Ltd. has announced amendments to its proposed scheme of arrangement for 2023 Notes due in February and April.
The key changes include an eight-month extension of maturity dates to October and December 2023, a 200bps amendment fee, and a put right for noteholders, now uncapped, exercisable at 102% of the principal amount.
Voting for the Scheme is set for January 24, 2023, with a deadline for Voting and Proxy Forms on January 20, 2023. These amendments aim to enhance terms for noteholders while ensuring compliance with applicable sanctions laws.
VEON Ltd. has appointed PricewaterhouseCoopers Accountants N.V. as its statutory financial statement auditors for 2022. Due to the ongoing military conflict in Ukraine, the completion of the audit may miss the statutory deadline of April 30, 2023. Michiel Soeting, Chairman of the Group Audit and Risk Committee, expressed optimism about collaborating with PWC in concluding this crucial process. VEON, a global digital operator serving over 200 million customers, focuses on enhancing digital connectivity and economic growth.
VEON Ltd. announced that it has received the necessary OFAC License, allowing participation in the Scheme Meeting scheduled for January 24, 2023, via Zoom. This license permits all noteholders and related parties to vote on the Scheme, ensuring compliance with applicable laws. Scheme Creditors must submit their Voting and Proxy Forms by January 19, 2023. The company continues to seek all required authorizations for the Scheme's implementation, pending court approval. VEON is a global provider of connectivity and online services to over 200 million customers across seven markets.
Amsterdam, 23 December 2022 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON) has released its unaudited interim condensed financial statements for the nine and three-month periods ended September 30, 2022. These results are based on IFRS and have not been externally reviewed. The company operates as a global digital operator serving over 200 million customers across seven markets.
VEON warns that actual results may vary from the information provided, and relies on internal management accounts for reporting.
VEON Ltd. and VEON Holdings B.V. announced a proposed scheme of arrangement following a court order allowing the convening of a Scheme Meeting on 24 January 2023. This virtual meeting aims to secure approval from Scheme Creditors regarding the 2023 Notes, including USD1 billion due February 2023 and USD700 million due April 2023. Creditors must submit their valid Voting and Proxy Forms by 19 January 2023. Further details and voting procedures can be found on the Scheme Website.
VEON Ltd. announces the results of the Scheme Convening Hearing held on December 20, 2022, regarding the 2023 Notes. A Convening Order was issued allowing the Scheme Creditors to consider changes to the Scheme. Notably, amendments concerning consent thresholds and quorum requirements have been removed. The Scheme Meeting is scheduled for January 24, 2023, at 10:00 a.m. (London time), where creditors can vote on the revised proposal. Additional documents, including the Explanatory Statement and Voting Forms, are accessible on the Scheme Website.
VEON announced significant success for its streaming service, Toffee, with one billion views of the FIFA World Cup and 15.5 million unique viewers for the finals in Bangladesh. This achievement reflects a major shift from traditional TV to digital platforms, demonstrating the growing trend of mobile streaming among football fans. Kaan Terzioglu, CEO of VEON Group, highlighted the role of high-speed telecom investments in this success. Toffee, operated by Banglalink, offers open access across all telecom networks, enhancing digital entertainment consumption in Bangladesh.
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