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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. 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.
On December 1, 2021, VEON Ltd. announced a voluntary disclosure regarding securities transactions by Kaan Terzioglu, the Group CEO. On November 26 and 29, 2021, Terzioglu purchased 100,000 ordinary shares for an average market price of RUB 134.95, totaling RUB 13,494,539. Following this purchase, he holds 900,000 ADR/ORDs in the company. VEON, listed on NASDAQ and Euronext Amsterdam, is a global provider of connectivity and internet services.
VEON Ltd. has signed a Memorandum of Understanding with Bilim Tech to launch the Astrum IT Academy in Uzbekistan, aimed at educating 2,000 IT students annually in AI programming and big data analytics. This initiative supports Uzbekistan's Digital 2030 programme, fostering technology-led economic growth. VEON will provide educational services, internships, and real-life projects. The academy expects to train students in a purpose-built facility, with a focus on practical insights. Up to 10% of top students may secure long-term positions with VEON, enhancing the local tech workforce.
On November 2, 2021, Kaan Terzioğlu, the Group CEO of VEON, purchased 100,000 American Depositary Receipts (ADRs) at a price of USD 2.11, totaling USD 211,480. This transaction increased his total holdings to 800,000 ADRs. VEON, a global provider of connectivity and internet services, is listed on NASDAQ and Euronext Amsterdam. The acquisition reflects Terzioğlu's confidence in the company's prospects and aligns with the company's strategic initiatives in the connectivity sector.
VEON Ltd. (VEON) reported robust financial results for Q3 2021, with revenues of USD 2,005 million, reflecting a 10.2% year-over-year increase. Local currency revenue growth reached 11.2%, driven by strong performance in key markets such as Russia, Kazakhstan, and Pakistan. EBITDA rose by 8.6% to USD 889 million, with a local currency increase of 9.1%. Notably, equity free cash flow improved to USD 308 million. The company raised its FY2021 Group EBITDA guidance to a minimum local currency growth of 8%.
VEON Ltd has signed a seven-year agreement with Amdocs to enhance digital services for its Beeline mobile operations in Uzbekistan and Kazakhstan. This agreement will enable the deployment of Amdocs's microservices-based technology, aimed at providing personalized digital experiences. As of June 30, 2021, VEON serves 6.7 million customers in Uzbekistan and 10 million in Kazakhstan, with over 56% and 58% being 4G users, respectively. VEON aims to become a leading digital operator, leveraging this partnership to innovate and adapt its services.
VEON Ltd. announced the departure of long-serving General Counsel, Scott Dresser, effective December 31, 2021. Appointed in August 2014, Dresser has significantly influenced VEON’s governance and strategic initiatives, including navigating a U.S. DOJ/SEC compliance monitorship that concluded in 2019. Under his leadership, the legal department received recognition as a top legal team in the UK/Europe. Dresser will remain as a strategic advisor to the Chairman of the Board, Gennady Gazin, who praised his contributions to the company.
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