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 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.
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.
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