VEON announces the exercise of its put option to sell its stake in Djezzy

Rhea-AI Summary

VEON Ltd. announced that it has exercised its put option to sell its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algérie SpA, to the Algerian National Investment Fund. This transaction initiates a third-party valuation process to determine the fair market value for the sale. VEON aims to streamline operations and enhance focus on its core markets post-sale. The company's mobile network operator, Djezzy, is owned by Omnium.

Positive

• The sale of the stake in Omnium Telecom is expected to streamline operations.
• Focus on core markets will improve post-sale.

Negative

• None.

AMSTERDAM, July 1, 2021 /PRNewswire/ -- VEON Ltd. (NASDAQ: VEON) (Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services, announces that it has today exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algérie SpA to the Algerian National Investment Fund, Fonds National d'Investissement (FNI). Omnium owns Algerian mobile network operator, Djezzy.

The exercise of the option initiates a process under which a third-party valuation is undertaken to determine the fair market value at which the transfer shall take place. This important step will further streamline VEON's operations, allowing for an improved focus on our core markets.

About VEON

VEON is a NASDAQ and Euronext Amsterdam-listed global provider of connectivity and internet services. For more information visit: www.veon.com.

Disclaimer

This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, expectations regarding the completion of VEON's sale of its Omnium stake to the FNI. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain or may contain, "inside information" as defined under the Market Abuse Regulation (EU) No. 596/2014.

Contact information

INVESTOR RELATIONS AND COMMUNICATION Nik Kershaw ir@veon.com Tel: +31 20 79 77 200

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SOURCE VEON Ltd

FAQ

What stake did VEON sell in its Algerian subsidiary?

VEON sold its 45.57% stake in Omnium Telecom Algérie SpA.

Who is acquiring VEON's stake in Djezzy?

The Algerian National Investment Fund is acquiring VEON's stake.

What is the purpose of the sale of VEON's stake in Algeria?

The sale aims to streamline operations and allow VEON to focus on its core markets.

When was VEON's announcement of selling its stake made?

The announcement was made on July 1, 2021.

What process will follow the exercise of the put option by VEON?

A third-party valuation will determine the fair market value for the stake sale.