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 Ltd. has announced a significant US$ 15 million investment in Dastgyr, a B2B e-commerce platform in Pakistan, as part of its Series A funding. This investment aims to enhance Pakistan's digital economy, connecting retailers with suppliers for better pricing and financing visibility. The funding will support Dastgyr's expansion into 15 new cities, building synergies with VEON's existing services like Jazz's communications network and JazzCash mobile payments. VEON's investment reflects its commitment to the region's digital transformation.
On June 10, 2022, VEON's CEO Kaan Terzioğlu provided an update on key developments for stakeholders. VEON completed the sale of its Georgian operations for USD 45 million, strengthening focus on high-growth markets. The company increased its cash reserves to approximately USD 2.4 billion and finalized significant long-term loans for its Pakistani and Bangladeshi operations. The Group reported year-on-year revenue growth in April and May, driven by strong performance in its digital services. The Annual General Meeting is scheduled for June 29, 2022.
VEON Ltd. announced the completion of the sale of its Georgian subsidiary, VEON Georgia LLC, to its former local partner for USD 45 million. This transaction reflects a 3.5x multiple on 2021 EBITDA (pre-IFRS16) and aligns with VEON's strategy to simplify its organizational structure. CEO Kaan Terzioglu highlighted the successful negotiations and emphasized the commitment of the new shareholder towards the ongoing digital transformation in Georgia. This move indicates VEON's continued focus on streamlining operations while fostering digital growth in the region.
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.
FAQ
What is the current stock price of VEON Ltd. ADS (VEON)?
What is the market cap of VEON Ltd. ADS (VEON)?
What services does VEON Ltd. provide?
In which countries does VEON operate?
What recent events highlight VEON's innovation?
How has VEON performed financially in recent times?
Who are some notable members of VEON's board?
What is the significance of QazCode's GPU cloud in Central Asia?
How is VEON contributing to Bangladesh's digital transformation?
What digital entertainment services does VEON offer in Pakistan?
What is VEON's approach to customer engagement?
Where is VEON headquartered and listed?
