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.
VEON (Nasdaq: VEON) announces that the Shevchenkivskyi District Court of Kyiv has lifted the freezing of VEON's corporate rights in Kyivstar and other Ukrainian subsidiaries, which was imposed in October 2023. This decision removes concerns affecting market assessment of VEON's growth potential in Ukraine, one of its key operational markets. The company views this as positive for investors, Kyivstar's operations, and Ukraine's investment climate. VEON plans to explore opportunities for bringing international and local investors into Kyivstar, noting its position as the sole Ukrainian investment theme on U.S.-listed equity markets.
VEON (Nasdaq: VEON) announces that its subsidiary Kyivstar is launching a generative AI lab in partnership with Amazon Web Services (AWS). The initiative aims to help Ukrainian enterprises implement AI technologies to enhance business processes and support economic recovery. The lab will provide AI services including text and visual content generation, chatbots, and virtual assistants.
This partnership extends their December 2023 collaboration focusing on cloud migration and cybersecurity. As part of VEON's commitment to Ukraine's recovery, the company has announced a USD 1 billion investment plan for 2023-2027, increased from the previous USD 600 million, to fund network expansion, digital services, acquisitions, and social initiatives.
VEON (Nasdaq: VEON) announces that the Shevchenkivskyi District Court of Kyiv has ruled to unfreeze 47.85% of VEON's corporate rights in Kyivstar and 100% of rights in other Ukrainian subsidiaries. This decision removes all restrictions previously imposed on VEON's wholly owned subsidiary Kyivstar and other Ukrainian operations. The company recently consolidated its trading on Nasdaq and has committed to invest USD 1 billion through 2027 to rebuild Ukraine's digital infrastructure. Kyivstar, which is 100% owned by VEON, has been recognized among the top 5 investors in Ukraine, with VEON being the largest international investor in the country in 2022 and 2023.
VEON (Nasdaq: VEON) has consolidated its share trading exclusively on the Nasdaq Capital Market in New York, discontinuing its listing on Euronext Amsterdam. This strategic move aims to enhance trading liquidity and simplify reporting requirements. The company's shares will continue trading as American depositary shares (ADSs), with each ADS representing 25 common shares under the ticker symbol VEON.
Additionally, VEON has announced plans to relocate its Group headquarters to Dubai, positioning itself closer to its Central and South Asian markets and increasing visibility among Gulf investors. Upon completion, VEON will become the largest Nasdaq-listed company headquartered in Dubai.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has published the 2023 Dutch Annual Report for its wholly-owned subsidiary VEON Holdings B.V., including audited consolidated financial statements for the year ended December 31, 2023. This publication completes VEON's commitment to noteholders regarding audited financial statements for 2024. The company previously filed its 2023 Dutch Annual Report for VEON on November 1, 2024, and its Annual Report on Form 20-F on October 17, 2024, with the latter being audited by UHY LLP according to PCAOB standards.
VEON (Nasdaq: VEON) announces the final steps of consolidating its trading exclusively on Nasdaq. The company's shares will cease trading on Euronext Amsterdam at the close of trading on November 22, 2024, with the delisting effective from November 25, 2024. VEON has extended the offer to pay ADS issuance fees until December 6, 2024, for shareholders converting their Common Shares to ADSs. Shareholders must hold Common Shares in multiples of 25 for ADS conversion. Current ADS holders not holding Common Shares on Euronext Amsterdam need not take any action.
VEON's subsidiary Kyivstar has acquired new spectrum in Ukraine, investing UAH 1.43 billion (approximately USD 34 million). The acquisition includes 2x5 MHz in the 2100 MHz band and 40 MHz in the 2300 MHz band, increasing Kyivstar's total spectrum holding from 152 MHz to 202 MHz. This maintains its leading position among private operators in Ukraine. The investment is part of VEON's USD 1 billion commitment through 2027. Kyivstar currently serves over 23 million mobile subscribers, 1 million home internet subscribers, and provides digital healthcare services through Helsi to more than 28 million registered patients and 1,600 healthcare institutions.
VEON's subsidiary Beeline Uzbekistan has partnered with GSMA and Uzbekistan's Ministry of Digital Technologies to host M360 Eurasia 2025 in Tashkent on May 20-21, 2025. The Memorandum of Understanding was signed during M360 MENA 2024 in Doha, Qatar. M360 is GSMA's global event series that unifies regional mobile ecosystems to foster innovation and positive business environments. The event in Tashkent aims to support Uzbekistan's digitalization agenda and contribute to regional economic growth through mobile industry development.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has received a commercial license for its branch office in Dubai International Finance Centre (DIFC). This development aligns with VEON's previously announced plans to relocate its headquarters from Amsterdam to DIFC. Upon completion of the transition, VEON will become the largest Nasdaq-listed company headquartered in Dubai. The company operates as a global digital operator serving nearly 160 million connectivity customers and over 100 million monthly active digital service users across Pakistan, Ukraine, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan.
VEON reported strong Q3 2024 results with total revenue reaching USD 1,038 million, up 9.8% YoY (14.1% in local currency). Direct digital revenue grew 35.1% YoY to USD 121 million, while telecom revenue reached USD 916 million. EBITDA was USD 438 million, showing a slight decrease of 1.5% YoY in reported currency. The company maintains strong liquidity with USD 1,019 million in total cash and cash equivalents. Despite challenges in Bangladesh and asset sales in Kazakhstan, VEON expects full-year revenue growth of 8-10% YoY and EBITDA growth of 4-6% YoY in USD terms.
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