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) has partnered with Sechenov University to launch an Artificial Intelligence Laboratory in Russia. This initiative aims to enhance healthcare technologies, focusing on predictive medicine in traumatology and oncology. Over 120 professionals from both organizations will collaborate on projects to improve high-precision diagnostics. The laboratory seeks to leverage AI for better diagnostic accuracy and treatment predictions based on extensive medical data analysis. This move marks a step toward innovative healthcare solutions and aims to integrate AI into the Russian healthcare system.
On September 17, 2021, VEON Ltd. disclosed a securities transaction involving Erik Aas, CEO of Banglalink. On September 9, 2021, Aas purchased 100,000 ADRs of VEON at a market price of USD 2.1982, totaling USD 219,820. Post-transaction, his holdings amount to 200,000 ADRs. This transaction highlights management's confidence in the company's future amid existing market dynamics.
VEON Holdings B.V. has announced the pricing of its 5-year RUB 20 billion (approximately USD 273 million) senior unsecured notes with an interest rate of 8.125%, due in 2026. This issuance marks the third Russian Rouble-denominated bond offering under its Global Medium Term Note Programme. The settlement date is set for September 16, 2021, and the proceeds will be utilized for general corporate purposes. VEON is actively monitoring the international capital markets for future offerings, depending on market conditions.
VEON Ltd. disclosed that Group CEO Kaan Terzioglu purchased 100,000 ADRs on September 8, 2021, at a market price of USD 2.15, totaling USD 215,000. Following this transaction, Terzioglu now holds 700,000 ADRs. This voluntary disclosure highlights executive confidence and alignment with shareholder interests, possibly positively influencing investor sentiment.
VEON Holdings B.V. has announced a drawdown of senior unsecured notes in Russian Roubles under its Global Medium Term Note Programme, initially established in April 2020. This marks the fourth drawdown under the programme, with a total limit set at US$6.5 billion. The proceeds from these notes will be utilized for general corporate purposes. The updated programme has been approved for listing on the Official List of the Luxembourg Stock Exchange. The Notes will not be registered under the U.S. Securities Act and are available only to qualified institutional buyers.
VEON Ltd (NASDAQ: VEON) has announced an increased investment in ShopUp, Bangladesh's top B2B commerce platform, as part of a $75 million Series B funding round, which ShopUp successfully closed. The investment allows ShopUp to enhance its infrastructure and develop new financial products for small retailers. This funding round is the largest of its kind in South Asia and brings ShopUp's total funding to over $110 million, reflecting over 13 times revenue growth in the past year. VEON's strategic involvement underscores its commitment to expanding digital services in the region.
VEON Ltd. announced the sale of its Russian mobile network towers to Service-Telecom for RUB70.65 billion (USD970 million). This transaction involves the sale of 100% of National Tower Company, which operates approximately 15,400 towers in Russia. A long-term master agreement will provide infrastructure services for PJSC VimpelCom, ensuring operational flexibility and improved mobile services. The transaction values at an EV/EBITDA multiple of 11.7x based on projected EBITDA. Closing is expected in Q4 2021, pending regulatory approvals.
VEON Ltd. announced a robust performance for 2Q21, highlighting a 9.2% revenue increase YoY and a 8.7% EBITDA growth. Local currency revenue grew 11.3% and EBITDA rose 10.7% YoY. Beeline Russia showed revenue growth of 6.2% YoY, contributing to improved financial metrics across operations in Ukraine, Kazakhstan, and Pakistan. The company also reported a total operational capex of USD 505 million and increased its revenue and EBITDA guidance for FY2021. Noteworthy digital services growth was recorded, with a total of 38 million monthly active users.
VEON (NASDAQ: VEON) announces its mobile operator Beeline's collaboration with Sechenov Medical University in Russia to utilize AI technology for medical diagnostics. The partnership aims to develop neural network algorithms for early detection of hip joint damage, kidney disease, and cancer. This technology, previously used in the 'Lisa Alert' project for locating missing persons, will now assist medical researchers in analyzing MRI images and histological sections. VEON's CEO highlights the significant role of mobile technology in improving healthcare outcomes.
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