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.
On May 25, 2022, VEON reported a cash and deposit increase to approximately USD 2.4 billion, up from USD 1.9 billion at the end of March 2022. The company holds USD 1.8 billion in cash and deposits at its Amsterdam headquarters, bolstered by a successful drawdown of USD 610 million from its Revolving Credit Facility (RCF). VEON has USD 973 million outstanding under the RCF.
Despite not receiving USD 82 million from Intesa Sanpaolo Bank, discussions continue regarding funding obligations. VEON emphasizes a prudent liquidity position amid macroeconomic uncertainty.
VEON Ltd. (NASDAQ: VEON) announces its collaboration with the Uzbekistan Government to provide digitalisation services during the country’s World Trade Organization (WTO) accession. CEO Kaan Terzioglu emphasized VEON's commitment to Uzbekistan's digital future. The company will invest $250 million over the next five years to support the Digital Uzbekistan-2030 program. This investment aims to bolster the nation’s technological infrastructure, enhancing its global competitiveness and facilitating its WTO application.
VEON Ltd. has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2021, with the U.S. Securities and Exchange Commission. The report, which includes comprehensive audited financial statements, is accessible on the company's Investor Relations page. Shareholders can request a hard copy at no cost by contacting VEON's Investor Relations Department.
VEON is a global provider of connectivity and digital services, listed on NASDAQ and Euronext Amsterdam.
VEON Ltd. revealed its trading update for Q1 2022, reporting revenues of USD 1,823 million, up 9.8% YoY in local currency, while EBITDA reached USD 775 million, reflecting a 5.7% increase. Capex was USD 367 million (-6.2% YoY) with a capex intensity of 23.2%. The company maintained a strong cash position of USD 1.9 billion and a net debt/EBITDA ratio of 2.4x. Despite challenges, Ukraine and Kazakhstan showed notable revenue growth, whereas Russia's revenue declined in reported currency. Overall, VEON reported a healthy 3.9% growth in its subscriber base, reaching 206 million mobile subscribers.
VEON Ltd. has announced a realignment of its capital structure on April 21, 2022. Two loans totaling RUB 90 billion were novated to PJSC VimpelCom, releasing VEON Finance Ireland and VEON Holdings BV as borrowers and guarantors. This restructuring aligns the company's ruble liabilities with ruble revenues and reduces HQ external debt now composed of USD 4.0 billion in dollar bonds and RUB 50 billion in ruble bonds, with no significant debt maturities reported for 2022. The move aims to stabilize the company's financial standing amidst changing market conditions.
VEON Ltd. (NASDAQ: VEON) confirmed on April 7, 2022, that it received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of USD 1.00 per share. This notification has no immediate impact on the listing status of its American Depositary Shares (ADSs). VEON has a 180-day grace period until October 4, 2022, to regain compliance. If the share price remains below the threshold, VEON may be eligible for an additional 180-day period. The company’s operations and its listing on Euronext Amsterdam remain unaffected.
VEON Ltd. has announced that its subsidiary, Banglalink, has acquired new spectrum in Bangladesh, doubling its holdings to 40 MHz from the 2300 MHz band. This acquisition, confirmed at a recent auction conducted by the BTRC, ensures Banglalink remains the top private operator in terms of spectrum per customer. With this enhancement, nearly 38 million customers will gain improved access to digital services. The company also plans to build 3,000 new towers to strengthen its 4G network. VEON is focused on growth in fast-developing markets like Bangladesh, home to a significant youth demographic.
VEON Ltd (NASDAQ: VEON) has launched Health Hub through its Banglalink mobile operator in Bangladesh, marking the country's first integrated digital health platform. This service offers affordable healthcare solutions, including doctor appointments, video consultations, and medicine delivery, accessible via subscription packages. Banglalink aims to democratize healthcare in Bangladesh, facilitating easier access to essential services. The initiative aligns with VEON's Digital Operator strategy, which also features successful services like Toffee and JazzCash.
VEON Ltd. (NASDAQ: VEON) announces key details regarding its ruble denominated notes. The company confirms that there are no additional debt maturities at the HQ level for 2022. The notes include:
- RUB 20 billion (approx. USD 194 million) at 6.30%, maturing June 2025;
- RUB 10 billion (approx. USD 97 million) at 6.50%, maturing September 2025;
- RUB 20 billion (approx. USD 194 million) at 8.125%, maturing September 2026.
VEON, an international telecommunications company, emphasizes its commitment to employee safety and connectivity services amidst the humanitarian crisis in Ukraine. With operations in nine countries, VEON serves nearly 220 million customers, a third of whom are in Ukraine and Russia. The company has over 33,000 employees in these regions. The Board of Directors calls for a peaceful resolution to the conflict and is actively communicating with stakeholders regarding the situation.
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