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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 (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, has announced plans to relocate its headquarters from Amsterdam to Dubai, United Arab Emirates. The move, approved by VEON's Board of Directors, will make VEON the largest Nasdaq-listed company with its Group headquarters in Dubai. The company's expanding operational hub has been located in the Dubai International Financial Centre (DIFC) since early 2022.
VEON's Group CEO, Kaan Terzioglu, stated that this strategic realignment positions the company closer to its key markets and allows it to capitalize on Dubai's opportunities, including access to world-class talent and enhanced visibility with Gulf investors. The announcement coincides with the start of GITEX Global 2024, a major technology event in Dubai.
VEON currently serves 160 million connectivity customers and 110 million monthly active digital users across six markets.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has launched KINOM, a digital entertainment platform in Uzbekistan. KINOM offers over 130 channels of linear TV, on-demand films, and TV series, accessible to all mobile users in the country. The platform supports Full HD streaming on various devices and focuses on local language content.
KINOM is part of VEON's DO1440 strategy, which aims to provide digital experiences throughout the day. It joins VEON's portfolio of successful digital entertainment platforms, including Tamasha in Pakistan (18 million monthly active users) and Toffee in Bangladesh (12.3 million MAUs). As of June 2024, VEON reported 110 million monthly active users of its digital services, with direct revenues from these services representing over 10% of VEON Group's total revenues in the first half of 2024.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) announced that its operating companies Mobilink Microfinance Bank and Banglalink have received three awards at the M360 APAC – GSMA's annual event. The awards recognize their contributions to digital inclusion:
1. Mobilink Bank won the 'Digital Nations Video Creativity Award' for its 'Invisible Heirs' campaign, addressing women's inheritance rights in Pakistan.
2. Quratulain Chaudhary from Mobilink Bank received the 'Women Digital Leadership Award'.
3. Banglalink won the 'Excellence in Digital Inclusion Video Award' for its MyBL Super App campaign, which has improved healthcare accessibility in rural Bangladesh.
These awards add to previous recognitions for both companies, highlighting VEON's commitment to digital inclusion and addressing critical issues in their markets.
VEON has completed the sale of its 49% stake in Kazakh wholesale telecommunications infrastructure services provider, TNS+ LLP, to its JV partner, the DAR group of companies. The sale was completed for a total consideration of USD 137.5 million. Following the sale, Beeline Kazakhstan will continue to offer its services, with business continuity secured by long-term commercial contracts with TNS+.
VEON's Group CEO, Kaan Terzioglu, emphasized that this sale allows Beeline Kazakhstan to focus on building its portfolio of connected consumer and enterprise services while maintaining access to TNS+'s robust wholesale infrastructure. Beeline Kazakhstan offers digital services such as Simply, Izi, Hitter, and BeeTV, and is involved in developing Kazakhstan's local-language AI large language model.
Alidar Utemuratov, Group CEO and founder of DAR, stated that consolidating ownership of TNS+ reflects their confidence in Kazakhstan as a key country for data traffic transit between Europe and Asia. DAR plans to expand into new geographies and introduce cutting-edge digital products while maintaining TNS+'s leadership in data transit.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, has appointed two new senior executives to its Group Leadership Team in Dubai. Anand Ramachandran joins as Chief of Staff to the Group CEO, while Inanc Cakiroglu becomes the Group Chief Information Officer (CIO). Both will report to Group CEO Kaan Terzioglu and be based in VEON's expanding Dubai operational hub.
Ramachandran, with nearly 30 years of experience in global financial markets and investor relations, will lead VEON's Investor Relations team and strategic initiatives. Cakiroglu brings over 20 years of expertise in AI, data science, and software development, and will work closely with VEON's technology companies and lead the Group Cybersecurity function.
These appointments align with VEON's ambitious three-year growth plan, focusing on digital big bets, consumer and enterprise services, and making various business verticals visible to global investors.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has announced that its VEON Holdings B.V. notes due November 2027 are expected to be included in the J.P. Morgan EM Corporate Indices (CEMBI, JACI and JSEG) at the end of September 2024. This inclusion is seen as a positive development for the company and its investors, providing a unique opportunity for international investors to participate in the growth opportunity in Central and South Asia.
The CEMBI index, launched by J.P. Morgan in 2007, is a benchmark index tracking US-dollar denominated corporate bonds issued by emerging market companies. It typically includes around 80 bonds from 60 issuers across 16 countries. The J.P. Morgan Asia Credit Index (JACI) is an all-inclusive benchmark tracking liquid, US-dollar denominated debt instruments issued out of the Asia ex-Japan region.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator, and its subsidiary Kyivstar participated in the 2024 Yalta European Strategy (YES) Annual Meeting in Kyiv. The VEON delegation, including Board Chairman Augie Fabela and former US Secretary of State Mike Pompeo, emphasized the importance of Western support for Ukraine's future and the private sector's role in reconstruction.
VEON reaffirmed its commitment to invest USD 1 billion in Ukraine's telecommunication and digital infrastructure from 2023 to 2027. Kyivstar, VEON's wholly owned subsidiary, was named the top international investor in Ukraine for 2022 and 2023. The company highlighted its role in keeping Ukrainians connected and building energy-resilient solutions for uninterrupted communication services.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) announces that its Group General Counsel, Omiyinka Doris, has been named one of the world's top 15 in-house legal leaders by the Financial Times (FT). The FT's annual list recognizes senior in-house lawyers who excel in responding to changing demands and navigating geopolitical complexities.
Omiyinka and VEON's legal team played a crucial role in the company's transition to a high-growth digital operator serving emerging markets, following its exit from Russia and decision to continue operations in Ukraine. The FT highlighted Omiyinka's leadership in ensuring compliance with stakeholder obligations and securing seven licenses from five jurisdictions for VEON's complete exit from Russia.
VEON (NASDAQ: VEON, Euronext Amsterdam: VEON) has announced the vesting of a conditional incentive award to its Group CEO, Kaan Terzioglu, under the company's 2021 Long Term Incentive Plan (LTIP). The award, granted on January 10, 2024, comprised 3,201,250 common shares and was subject to performance targets, which have been successfully met. Due to VEON's current lack of available registered securities, the settlement terms have been amended to include both cash and equity components:
1. Cash Payment: A gross payment of USD 500,000 was made in August 2024.
2. Equity Payment: 2,729,000 common shares (109,160 ADSs) will be transferred by August 31, 2025.
Mr. Terzioglu is now the beneficial owner of these shares but will not hold them directly until the 2025 transfer to comply with selling restrictions.
VEON 's subsidiary Kyivstar has been recognized as the fifth largest private sector investor in Ukraine for 2022-2023 by New Voice of Ukraine. This follows a similar ranking by Forbes Ukraine, solidifying VEON's position as the top international investor in the country. Kyivstar's investments totaled UAH 13.4 billion (approximately USD 326 million), focusing on:
1. Expanding 4G coverage to 95.5% of Ukrainian-controlled territory
2. Building 5,600 new 4G base stations and upgrading 15,000 from 3G to 4G
3. Investing UAH 1.4 billion in network energy resilience
4. Acquiring a controlling stake in Helsi, Ukraine's leading digital healthcare platform
5. Donating UAH 1.8 billion to social causes since 2022
VEON has committed to a USD 1 billion investment in Ukraine's future, aiming to provide state-of-the-art connectivity and expand essential digital services.
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