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. announced the appointment of Michiel Soeting as a non-executive director and Chairman of the Audit & Risk Committee, effective March 16, 2022. Soeting, a former global lead partner at KPMG, brings over 30 years of extensive financial expertise and a strong governance background. His appointment fills the vacancy left by Robert Jan van de Kraats. VEON operates in nine countries, serving nearly 220 million customers and has a diverse investor base with no controlling shareholder and a majority of independent directors.
VEON Ltd. offers a business update amid market volatility, highlighting a strong liquidity profile with USD 2.1 billion in cash and deposits. The company has repaid USD 417 million in maturing bonds and cleared a RUB 30 billion loan. VEON assures stakeholders of its confident legal position as it faces no sanctions from the EU, US, or UK. The CEO emphasizes the company's commitment to protecting its employees and engaging with stakeholders, while the Digital Operator strategy aims to leverage growth opportunities.
VEON Ltd. (NASDAQ: VEON), a global connectivity provider, faced credit rating downgrades from Fitch and S&P due to new country ceilings for Ukraine and Russia. Fitch downgraded VEON from BBB- to B+, citing a significant decline in local operating environments but noted VEON's strong liquidity of approximately USD 2.1 billion as a stabilizing factor. S&P adjusted VEON's rating from BB+ to CCC+, emphasizing sound liquidity with around USD 1.5 billion cash. Despite these downgrades, VEON maintains a rating above Russia's sovereign rating, thanks to its geographic diversification.
VEON Ltd. (NASDAQ: VEON) has successfully prepaid its RUB 30 billion (about USD 259 million) interest-bearing loan with VTB Bank, in compliance with applicable sanctions. This repayment signifies that VEON Group has no remaining loans with VTB Bank, enhancing its financial position. The company emphasizes that all transactions are aligned with the current compliance framework.
VEON Ltd. announces that Robert Jan van de Kraats has resigned from its Board of Directors effective March 7, 2022, citing personal reasons. Van de Kraats has been a member since July 2018 and served as Chairman of the Audit and Risk Committee. Gennady Gazin, Chairman of the Board, expressed gratitude for his contributions. A new chairperson for the Audit and Risk Committee will be appointed later. The company emphasizes that forward-looking statements in the release are subject to risks and uncertainties.
VEON Ltd. (NASDAQ: VEON), a global provider of connectivity and internet services, announced that it is not subject to EU sanctions following the sanctions imposed on Mikhail Fridman and Peter Aven on February 28, 2022. VEON clarified that it has no ultimate controlling shareholder, with L1T VIP Holdings S.à r.l. holding 47.85% of shares. Fridman and Aven have no voting interests in VEON shares outside of their indirect interest in LetterOne, and they have stepped down from their roles. The company also cautioned about risks associated with forward-looking statements.
VEON Ltd. (NASDAQ: VEON) provided an update on its liquidity position as of February 27, 2022, stating it has approximately USD 2.1 billion in cash and deposits, with USD 1.5 billion held at its Amsterdam headquarters. Additionally, the company has a USD 1.250 billion committed revolving credit facility (RCF), of which USD 430 million has been drawn on February 28 to repay maturing notes. Following this, USD 820 million remains undrawn under the RCF. VEON has no further debt maturities in 2022, and the next maturity is scheduled for February 2023.
VEON Ltd. announced the resignation of Mr. Fridman from its Board of Directors, effective February 28, 2022. This change may impact the corporate governance of the company, as Fridman has been a significant figure within the organization. The press release includes standard disclaimers regarding forward-looking statements and inside information under relevant regulations.
For more information, visit the company's official website.
VEON Ltd. (NASDAQ: VEON) announced a revised Group Executive Committee (GEC) incentive plan, effective from the 2022 Short Term Incentive (STI) awards. The STI now comprises 50% shares and 50% cash, linked to financial and non-financial KPIs. A new Long Term Incentive (LTI) scheme has been introduced, measuring total shareholder return over three years. GEC members must achieve a minimum shareholding of 6.0x for the CEO and 2.0x for others. A one-off share award has also been granted to offset initial cash losses from the STI revision.
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