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 successfully secured bank financing of RUB 90 billion (approximately USD 1.215 billion) through its subsidiary VEON Finance Ireland. The financing involves two bilateral loan facilities of RUB 45 billion each from Sberbank and Alfa Bank, with terms spanning five years. The fixed and floating rate tranches aim to enhance VEON's capital structure and support corporate purposes, including intercompany loans to PJSC VimpelCom. CFO Serkan Okandan highlights this move as part of ongoing efforts to extend VEON’s debt maturity.
VEON Ltd. (NASDAQ: VEON) has appointed Andrey Pyatakhin as CEO of Beeline Kyrgyzstan, effective immediately. Pyatakhin, a veteran with over 20 years at VEON, aims to enhance Beeline Kyrgyzstan's growth trajectory after a stable 2021. Kaan Terzioglu, VEON's CEO, highlighted Kyrgyzstan's strong 4G market and recent spectrum acquisition as key growth factors. The company is focused on leveraging its technology-driven services to empower opportunities in emerging markets.
VEON Ltd. announces the appointment of Victor Biryukov as the new Group General Counsel, effective January 1, 2022. He succeeds Scott Dresser, who is stepping down on December 31, 2021. Biryukov, previously Vice-President for Legal at Beeline Russia, brings 23 years of corporate legal experience to his new role, where he will lead VEON's legal team and support strategic initiatives. The CEO, Kaan Terzioglu, endorses Biryukov's leadership as vital for VEON's governance and future business strategies.
VEON Ltd. has acquired IBS DataFort, a prominent cloud IT infrastructure provider. This acquisition, executed through VEON's VimpelCom subsidiary, enhances Beeline's cloud service offerings in Russia. IBS DataFort, established in 2001, is recognized for managed cloud services. The integration will bolster Beeline's market position and enable the development of innovative products in cloud, cybersecurity, and Big Data. CEO Kaan Terzioglu emphasized that this move supports VEON's digital operator strategy and technological expansion.
VEON Ltd. (NASDAQ: VEON) has announced ambitious medium-term financial targets for 2022-2024, aiming for a 10-14% CAGR in local currency revenue and EBITDA growth. The company anticipates a three-point EBITDA margin expansion, driven by a cost efficiency program that is expected to yield USD 250 million in annual savings by 2024. VEON plans to reduce its US dollar-denominated debt to below 40% of net debt while lowering its capex intensity below 20%. CEO Kaan Terzioğlu highlighted the growth potential across nine markets as the company transitions to a digital operator model.
VEON Ltd. (NASDAQ: VEON), a global connectivity provider, has launched a new long-term incentive plan for its Group Executive Leadership. This initiative aims to align executive compensation with shareholder value creation. Key features include:
- Performance shares with a three-year vesting period
- 50% of annual short-term incentives in VEON shares
- Shareholding requirements for executives, twice their annual base salary, and six times for the CEO
CEO Kaan Terzioğlu emphasized that the plan is crucial for the company's long-term success.
VEON Ltd. announces the global launch of its MobileID initiative, a comprehensive authentication and credential management system aimed at improving digital identity validation. The service is set to benefit 212 million customers across nine countries and will comply with local data privacy laws. Following successful trials in Russia, MobileID promises enhanced security for consumers and retailers, with features like universal login and faster service registration. This initiative marks a significant step in addressing online fraud while improving customer experience.
VEON Ltd. has launched its MobileID initiative aimed at providing secure authentication and credentials management for consumers and retailers. This service will be rolled out to 212 million customers across nine countries, ensuring compliance with local data privacy laws. MobileID integrates GSMA's Mobile Connect standard, allowing seamless identity verification both online and in physical stores. Following successful trials in Russia, MobileID will begin deployment in Uzbekistan and Kazakhstan. The initiative promises enhanced customer experiences and higher conversion rates for participating retailers.
On Dec. 1, 2021, VEON Ltd. announced the completion of the sale of its Russian tower assets to Service-Telecom, following regulatory approvals. The deal involves the sale of 100% of National Tower Company, encompassing approximately 15,400 mobile network towers, for a total of RUB70.65bn (USD957mn). VEON received RUB64.4bn (USD872mn) at closing, with further payments due over the next three years, aimed at reducing external debt. This transaction strengthens VEON’s financial flexibility and supports a long-term partnership with Service-Telecom.
On December 1, 2021, VEON Ltd. disclosed a securities transaction involving Erik Aas, CEO of Banglalink. On November 26, 2021, Aas purchased 50,000 ADRs at a market price of USD 1.76, totaling USD 87,795. Post-transaction, Aas holds a total of 250,000 ADRs. VEON is a global provider of connectivity and internet services, listed on NASDAQ and Euronext Amsterdam.
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