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. (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.
VEON Ltd. (NASDAQ: VEON) announced a share award to its Group Chairman, Gennady Gazin, receiving 1,224,086 shares, and Hans-Holger Albrecht, Chairman of the Digital and Innovation Committee, awarded 1,360,095 shares. This annual pro-rata award will vest on June 10, 2022, with a holding period until July 16, 2023. The decision, made by the Nomination and Corporate Governance Committee, acknowledges their significant contributions during a transformative year for VEON's executive leadership.
VEON Ltd. reported its 2021 financial results, revealing full-year revenue of USD 7,788 million (+10.1% YoY in local currency) and EBITDA of USD 3,332 million (+8.9% YoY). The company achieved a net income of USD 801 million and a capex of USD 1,826 million, with a cash balance of USD 2.3 billion and undrawn credit lines of USD 1.5 billion. The net debt/EBITDA ratio stood at 2.44x, indicating a focus on deleveraging. VEON also closed a tower transaction in Russia and enhanced its digital services, marking significant growth across its markets.
VEON Ltd. (NASDAQ: VEON) announces its MobileID authentication system is gaining traction as a potential global standard to replace social network-based authentication. The system has grown from 600,000 users in December 2021 to over 1 million, leading to its expansion in Uzbekistan, Georgia, and Pakistan. Supported by GSMA and other major mobile operators, MobileID enhances security through multi-factor authentication while simplifying online access for users. VEON aims to protect user data through regulated service providers and plans to further promote MobileID's adoption.
VEON Ltd. (NASDAQ: VEON) has announced its innovative Always-on Network Service, enabling digital financial applications to remain operational during mobile service disruptions. Such interruptions, which occurred 155 times across 29 countries in 2020, caused financial damages estimated at $23.6 million per day per 10 million population. The service, which utilizes 4G network-slicing technology, will initially launch in Pakistan, ensuring the JazzCash mobile banking service continues functioning amidst service suspensions. This initiative aligns with VEON's strategy to enhance digital connectivity.
VEON Ltd. has secured a new RUB 30 billion (approximately USD 400 million) seven-year term loan from VTB Bank, guaranteed by VEON Holdings B.V. This floating-rate facility aims to enhance VEON's capital structure and will finance intercompany loans to PJSC VimpelCom. CFO Serkan Okandan emphasized that the loan aids in extending the maturity of the company's debt portfolio, thereby improving financial stability.
VEON Ltd. (NASDAQ: VEON) has announced plans to move its parent company from Bermuda to the United Kingdom, establishing a new UK public limited company as the top holding entity. This transition aims to enhance operational efficiency and align with high standards of corporate governance. The company expects no adverse tax implications or significant changes to its governance structure. Shareholder approval will be sought, with shares to be exchanged on a 1-for-1 basis. The transition is set to comply with regulatory requirements and will maintain current listings on Euronext Amsterdam and NASDAQ.
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