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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's subsidiary Jazz has partnered with NUST and NITB to develop Pakistan's first indigenous Large Language Model (LLM) focusing on Urdu, Pashto, and Punjabi languages. The five-year collaboration aims to bridge the digital divide by creating AI tools in under-resourced regional languages. This initiative follows VEON's similar efforts in Kazakhstan, where its subsidiary Beeline collaborated with GSMA and Barcelona Supercomputing Center for Kazakh language AI development. The project aims to enhance digital inclusivity and innovation across critical sectors including healthcare, education, and agriculture.
JazzCash, VEON's fintech platform in Pakistan, has partnered with the Benazir Income Support Programme (BISP) to distribute government cash support to women beneficiaries. JazzCash will channel PKR 78 billion (~USD 187m) to 1.3 million BISP-registered women across Pakistan by end of next year. The company has already transferred PKR 15 billion to beneficiaries in Hyderabad, Matiari and Rahim Yar Khan regions. The initiative includes dedicated disbursement centers, training support, and a complaint management unit with regional language support to ensure effective assistance.
VEON has launched Hambi, an AI-powered super app in Uzbekistan that consolidates digital services and connectivity into a single application. The app, whose name means 'all-in-one' in Uzbek, is available to all mobile users regardless of their provider. Hambi offers various services including e-health consultation (Hambi Davo), car insurance (Hambi Auto), digital marketplace, travel, entertainment, TV, fintech, and gaming functionalities. Beeline Uzbekistan customers get additional self-service options for managing tariffs, data, and roaming. Users can earn mobile data plans, discounts, and bonuses through daily engagement. The app features AI-powered elements for personalized user experience and joins VEON's portfolio of super apps across other markets.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, has announced the filing of its 2023 Dutch Annual Report with the Dutch Authority for the Financial Markets (AFM). The report includes audited consolidated financial statements for the year ended December 31, 2023, prepared according to International Financial Reporting Standards as adopted by the EU and Dutch Civil Code requirements. The complete report is available on VEON's website in the Financial Results section.
VEON (NASDAQ: VEON, Euronext Amsterdam: VEON) has announced it will release its Q3 2024 financial and operating results on 14 November 2024 at approximately 7:00 CET. The company will host a results conference call with senior management at 14:00 CET the same day.
To enhance shareholder engagement, VEON is partnering with Say Technologies to allow shareholders to submit and upvote questions starting from 6 November at 14:00 CET. The Q&A platform will be available until 24 hours before the conference call.
VEON announces the re-election of Group CEO Kaan Terzioglu to the GSMA Board of Directors for the 2025-2026 term. The GSMA Board comprises 26 members representing mobile operators globally. VEON currently serves nearly 160 million connectivity customers and over 100 million monthly active digital service users across six markets - Ukraine, Pakistan, Bangladesh, Kazakhstan, Uzbekistan, and Kyrgyzstan - representing more than 7% of the world's population. The company offers services in connectivity, financial services, education, healthcare, and business digitization.
JazzCash, VEON's financial services arm in Pakistan, has partnered with Dgpays to modernize its e-commerce payment gateway. The collaboration aims to enhance transaction speed, security, and fraud prevention capabilities across Pakistan. Digital wallet transactions in Pakistan grew 134% year-on-year to 269 million, representing 87% of online e-commerce payments. JazzCash, serving over 1,700 e-commerce merchants, processed over 110 million transactions in Q1-Q3 2024, marking a 150% year-on-year increase. The upgraded gateway will feature faster transactions, merchant management systems, customizable checkout pages, and advanced fraud prevention tools.
VEON's subsidiary Jazz launches FikrFree, an AI-powered digital marketplace for insurance and healthcare in Pakistan. The platform addresses Pakistan's low insurance penetration rate (less than 1% of GDP) by offering personalized insurance plans and healthcare services through a mobile app. FikrFree features flexible payment options, streamlined claims processing with 36-hour payouts, and AI-driven insurance recommendations.
The service complements Jazz's existing digital portfolio, including Tamasha (18M MAUs), JazzCash (17.7M MAUs), and SIMOSA (15.2M MAUs) in 2Q24. This initiative aligns with VEON's Digital Operator 1440 strategy, with direct digital revenues representing over 10% of VEON Group's total revenues.
VEON (Nasdaq: VEON; Euronext Amsterdam: VEON) has received a letter from Shah Capital, a 7% shareholder, outlining views on VEON's valuation and suggesting a seven-step strategic roadmap to enhance shareholder value. VEON's Board and Management have reviewed the letter and appreciate Shah Capital's insights and support.
While VEON's share value has more than doubled over the past 2 years, the company acknowledges potential for further improvement. VEON highlights strong investor engagement, recent inclusion in JP Morgan's EM Corporate Indices, and an upgraded MSCI ESG rating of AA. The company is evaluating options to crystallize business value, including potential IPOs of some companies.
VEON's Digital Operator (DO1440) strategy, now complemented by AI1440 focus, drives growth in digital services. The company plans to move headquarters to Dubai and consolidate trading on Nasdaq Stock Exchange. VEON remains committed to sustainable growth and creating long-term shareholder value.
VEON (Nasdaq: VEON; Euronext Amsterdam: VEON) has announced the commencement of its delisting process from Euronext Amsterdam, with the last trading day set for 22 November 2024 and the delisting effective from 25 November 2024. This move aims to consolidate trading on Nasdaq, where VEON's American depositary shares (ADSs) will be traded under the ticker symbol VEON.
VEON's Group CEO, Kaan Terzioglu, stated that this decision aligns with the company's long-term strategy and will strengthen liquidity and simplify reporting processes. The company is committed to ensuring a smooth transition for Euronext Amsterdam shareholders, offering options to adjust their holdings and deposit Common Shares in exchange for ADSs. VEON will cover ADS issuance fees for shareholders who deposit their Common Shares during the specified period.
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