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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, Euronext Amsterdam: VEON) has announced it will release its Q3 2024 financial and operating results on 14 November 2024 at approximately 7:00 CET. The company will host a results conference call with senior management at 14:00 CET the same day.
To enhance shareholder engagement, VEON is partnering with Say Technologies to allow shareholders to submit and upvote questions starting from 6 November at 14:00 CET. The Q&A platform will be available until 24 hours before the conference call.
VEON announces the re-election of Group CEO Kaan Terzioglu to the GSMA Board of Directors for the 2025-2026 term. The GSMA Board comprises 26 members representing mobile operators globally. VEON currently serves nearly 160 million connectivity customers and over 100 million monthly active digital service users across six markets - Ukraine, Pakistan, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan - representing more than 7% of the world's population. The company offers services in connectivity, financial services, education, healthcare, and business digitization.
JazzCash, VEON's financial services arm in Pakistan, has partnered with Dgpays to modernize its e-commerce payment gateway. The collaboration aims to enhance transaction speed, security, and fraud prevention capabilities across Pakistan. Digital wallet transactions in Pakistan grew 134% year-on-year to 269 million, representing 87% of online e-commerce payments. JazzCash, serving over 1,700 e-commerce merchants, processed over 110 million transactions in Q1-Q3 2024, marking a 150% year-on-year increase. The upgraded gateway will feature faster transactions, merchant management systems, customizable checkout pages, and advanced fraud prevention tools.
VEON's subsidiary Jazz launches FikrFree, an AI-powered digital marketplace for insurance and healthcare in Pakistan. The platform addresses Pakistan's low insurance penetration rate (less than 1% of GDP) by offering personalized insurance plans and healthcare services through a mobile app. FikrFree features flexible payment options, streamlined claims processing with 36-hour payouts, and AI-driven insurance recommendations.
The service complements Jazz's existing digital portfolio, including Tamasha (18M MAUs), JazzCash (17.7M MAUs), and SIMOSA (15.2M MAUs) in 2Q24. This initiative aligns with VEON's Digital Operator 1440 strategy, with direct digital revenues representing over 10% of VEON Group's total revenues.
VEON (Nasdaq: VEON; Euronext Amsterdam: VEON) has received a letter from Shah Capital, a 7% shareholder, outlining views on VEON's valuation and suggesting a seven-step strategic roadmap to enhance shareholder value. VEON's Board and Management have reviewed the letter and appreciate Shah Capital's insights and support.
While VEON's share value has more than doubled over the past 2 years, the company acknowledges potential for further improvement. VEON highlights strong investor engagement, recent inclusion in JP Morgan's EM Corporate Indices, and an upgraded MSCI ESG rating of AA. The company is evaluating options to crystallize business value, including potential IPOs of some companies.
VEON's Digital Operator (DO1440) strategy, now complemented by AI1440 focus, drives growth in digital services. The company plans to move headquarters to Dubai and consolidate trading on Nasdaq Stock Exchange. VEON remains committed to sustainable growth and creating long-term shareholder value.
VEON (Nasdaq: VEON; Euronext Amsterdam: VEON) has announced the commencement of its delisting process from Euronext Amsterdam, with the last trading day set for 22 November 2024 and the delisting effective from 25 November 2024. This move aims to consolidate trading on Nasdaq, where VEON's American depositary shares (ADSs) will be traded under the ticker symbol VEON.
VEON's Group CEO, Kaan Terzioglu, stated that this decision aligns with the company's long-term strategy and will strengthen liquidity and simplify reporting processes. The company is committed to ensuring a smooth transition for Euronext Amsterdam shareholders, offering options to adjust their holdings and deposit Common Shares in exchange for ADSs. VEON will cover ADS issuance fees for shareholders who deposit their Common Shares during the specified period.
VEON (Nasdaq: VEON; Euronext Amsterdam: VEON), a global digital operator, has announced its full compliance with Nasdaq listing requirements following the filing of its 2023 Form 20-F on October 17, 2024. Nasdaq has confirmed VEON's compliance, resolving the previously granted exception for the delayed filing. The company had until November 11, 2024, to remediate the delay but met the condition nearly a month earlier.
VEON Group CEO Kaan Terzioglu expressed appreciation for Nasdaq's support, where VEON has been listed since 2013, and highlighted the company's commitment to transparent communication with investors. He stated that VEON is now fully compliant with its listing requirements and looks forward to unlocking further value for shareholders.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, has filed its Annual Report on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission. The filing follows the completion of the audit of VEON's 2023 financial statements by independent auditor UHY LLP according to PCAOB standards.
Group CEO Kaan Terzioglu stated that this filing puts VEON back on track with listing compliance requirements. The company has also remediated the previously identified material weakness in its internal controls over financial reporting relating to the accounting treatment and financial statement presentation for disposals of businesses. VEON implemented significant improvements to its control environment during the second half of 2023, and management has concluded that the material weakness has been fully remediated.
The 2023 Form 20-F is available on the SEC website and VEON's website. Shareholders can request a hard copy of the report, including audited financial statements, free of charge from VEON's Investor Relations Department.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has announced a leadership change at Beeline Uzbekistan. Andrey Pyatakhin has been appointed as the incoming CEO, replacing Andrzej Malinowski, who will step down by the end of November 2024. Pyatakhin, a 20-year veteran of VEON Group, has previously served as CEO of Beeline operations in Georgia, Armenia, and Kyrgyzstan.
Under Malinowski's leadership since March 2021, Beeline Uzbekistan has undergone a significant transformation, achieving 12 consecutive quarters of double-digit local currency revenue growth. The company has expanded its 4G network and developed a portfolio of digital services including fintech, entertainment, and adtech. Beeline Uzbekistan also became the first tech company in Central Asia to receive Top Employer certification.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, has announced plans to relocate its headquarters from Amsterdam to Dubai, United Arab Emirates. The move, approved by VEON's Board of Directors, will make VEON the largest Nasdaq-listed company with its Group headquarters in Dubai. The company's expanding operational hub has been located in the Dubai International Financial Centre (DIFC) since early 2022.
VEON's Group CEO, Kaan Terzioglu, stated that this strategic realignment positions the company closer to its key markets and allows it to capitalize on Dubai's opportunities, including access to world-class talent and enhanced visibility with Gulf investors. The announcement coincides with the start of GITEX Global 2024, a major technology event in Dubai.
VEON currently serves 160 million connectivity customers and 110 million monthly active digital users across six markets.
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