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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. announced the appointment of Yaroslav Glazunov as an alternate director for Alexander Pertsovsky on its Board of Directors. Pertsovsky has served on the board since January 2018. Glazunov, a managing partner at Spencer Stuart, has over 20 years of experience in global leadership advisory, focusing on CEO succession and performance. His expertise spans Europe, India, and Russia. VEON, listed on NASDAQ and Euronext Amsterdam, is dedicated to enhancing connectivity and digital services.
VEON Ltd. (NASDAQ: VEON) has announced its investment in ShopUp, Bangladesh's leading B2B commerce platform, marking it as ShopUp's first strategic corporate investor. This investment aims to bolster ShopUp's digital ecosystem for micro, small, and medium-sized enterprises (MSMEs) in Bangladesh. VEON's co-CEO noted the strategic importance of this partnership in serving the business needs of the MSME community, especially in light of COVID-19's supply chain challenges. This investment is part of the largest Series A funding round for a Bangladeshi startup, co-led by Flourish Ventures and Sequoia Capital India.
VEON Ltd. announced that its subsidiary, Mobilink Microfinance Bank Limited (MMBL), has been awarded the Best MicroFinance Bank (Digital) of the Year by the CFA Society in Pakistan. MMBL, the largest digital bank in Pakistan, boasts over 20 million registered users and 8 million monthly active wallets. The award was presented at a recent ceremony in Karachi, recognizing the bank's contributions to financial inclusion. MMBL operates branch-less banking under the JazzCash brand, partnering with Jazz, and has financed over 500,000 businesses since its inception in 2012.
VEON Ltd. (NASDAQ: VEON) announces that Mobilink Microfinance Bank Limited (MMBL), a part of Jazz, has been awarded the Best MicroFinance Bank (Digital) of the Year by the CFA Society in Pakistan. MMBL is the largest digital bank in the country, boasting over 20 million registered users and 8 million active digital wallets. The award was presented at the 17th Annual Excellence Awards Ceremony, recognizing MMBL's role in financial inclusion. VEON's co-CEO Sergi Herrero emphasized pride in the achievement and the trust it represents for future developments.
On October 6, 2020, VEON Ltd. announced a network sharing partnership involving its Kazakhstan mobile services provider, KaR-Tel, which operates under the Beeline brand. This collaboration unites Beeline with Kcell and Tele2 to enhance high-speed internet accessibility to rural communities as part of the 250+ initiative. The project aims to extend coverage to nearly 1,000 rural settlements with 3G and 4G connections, impacting 600,000 residents. The initiative will facilitate distance learning, telemedicine, and e-commerce, driving economic development in Kazakhstan's countryside.
VEON Ltd. announced on Sept. 28, 2020, that its partner in Pakistan, the Dhabi Group, has exercised a put option to sell its 15% stake in PMCL, which operates the Jazz mobile network. Following this transaction, expected to close in Q4 2020 after an independent valuation, VEON will fully own PMCL, enhancing governance and allowing the company to receive full dividends from its operations in Pakistan. The put option is currently recorded as a liability in VEON's accounts, subject to quarterly reappraisal.
VEON Holdings B.V. has announced the pricing of RUB 10 billion (approximately USD 133 million) in 6.50% senior unsecured notes due 2025. This offering, the second bond issuance under its Global Medium Term Note Programme, generated strong international investor interest. Proceeds will be utilized for general corporate purposes, aiming to enhance VEON's capital structure. The settlement is expected on September 11, 2020, subject to customary closing conditions. VEON continues to assess capital market opportunities for future offerings.
VEON Holdings B.V. has announced a drawdown of 5-year senior unsecured notes in Russian Roubles as part of its Global Medium Term Note Programme. This marks the second drawdown and is subject to market conditions. The funds will be used for general corporate purposes. Additionally, a second base offering memorandum supplement has been approved by the Luxembourg Stock Exchange for listing the Notes. This release serves informational purposes and is not an offer to sell securities in the U.S. or any jurisdiction where it would be unlawful.
VEON Ltd. reported Q2 2020 results showing a 16.3% decline in revenue to USD 1.89 billion. This decline was influenced by COVID-19 lockdowns, which disrupted operations, leading to lower sales and a 18.7% drop in EBITDA to USD 809 million. However, mobile data revenue grew at a double-digit pace, driven by increased demand for digital services. The company anticipates a gradual recovery in revenue and EBITDA in the second half of 2020.
Financial guidance for FY 2020 suggests a low to mid-single-digit local currency decline in both revenue and EBITDA.
VEON Ltd. announced the successful refinancing of its RUB 30 billion (approximately USD 422 million) term loan agreement with VTB Bank. This refinancing will extend the loan's maturity and lower its cost, enhancing VEON's capital structure. Chief Financial Officer Serkan Okandan emphasized the transaction's importance for financial flexibility and capital improvements. The refinancing is expected to strengthen the group's financial standing, further aligning with VEON's objectives in managing its RUB financings.
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