Welcome to our dedicated page for Veon news (Ticker: VEON), a resource for investors and traders seeking the latest updates and insights on Veon stock.
VEON Ltd. (Nasdaq: VEON) is a United Arab Emirates-based digital operator active in wireless telecommunications and digital services across Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan. The VEON news page on Stock Titan aggregates company announcements, operating company updates, and regulatory communications that illustrate how the group is developing connectivity, digital services, and financial solutions in its core markets.
Recent news highlights VEON’s focus on next-generation connectivity and network resilience. Kyivstar in Ukraine has launched Starlink Direct to Cell satellite connectivity services and a 5G pilot zone in Lviv, while Beeline Kazakhstan has tested Starlink Direct to Cell for voice and messaging. Kyivstar has also invested in solar power generation as part of its energy resilience strategy. These stories show how VEON’s operating companies are combining terrestrial and satellite networks and investing in infrastructure to support reliable communications.
VEON’s news flow also covers digital financial services and financial inclusion. Mobilink Microfinance Bank in Pakistan has launched Islamic banking operations, and Banglalink in Bangladesh has received regulatory approval to operate as a payment service provider, enabling digital payment and money transfer services. Group-level announcements include VEON’s transfer to the Nasdaq Global Select Market and its inclusion in major equity indices such as the S&P Global Broad Market Index and the MSCI Ukraine Index.
Investors and followers of VEON can use this news page to review official press releases on connectivity initiatives, digital financial services, capital markets milestones, and corporate transactions involving VEON and its operating companies. The page provides a centralized view of how VEON’s strategy is reflected in concrete projects and regulatory developments across its five markets.
On May 31, 2024, VEON held its Annual General Meeting (AGM) where shareholders approved a new seven-member Board of Directors. Key additions include former U.S. Secretary of State Michael R. Pompeo, Sir Brandon Lewis, and Duncan Perry. Incumbent directors Augie K. Fabela II, Andrei Gusev, Michiel Soeting, and VEON Group CEO Kaan Terzioglu continue to serve. Augie K. Fabela II, the company's founder, was elected as the Chairman. VEON aims to leverage its innovative spirit to deliver growth across its markets, meeting increasing demand for digital services and new technologies like AI. Approximately 97.9% of shares were represented at the AGM. Shareholders ratified PricewaterhouseCoopers Accountants N.V. for auditing the 2023 financial statements and approved changes to the Company’s Bye-laws for administrative corrections and electronic meeting facilitation.
VEON released its April YTD 2024 trading update during its AGM on May 31, 2024. The company reported total revenue of $1,278 million, an 8.6% increase YoY, and a 12.9% increase in local currency. Service revenue was $1,226 million, up by 7.5% YoY, and EBITDA reached $528 million, a 2.1% YoY increase. Five out of six countries showed revenue growth, with notable increases in Pakistan (22.3%) and Kazakhstan (21.7%). However, Ukraine's revenue and EBITDA declined by 13.5% and 22.3%, respectively. VEON cited positive FX developments and the execution of its Digital Operator strategy as key growth drivers.
VEON announced the appointment of UHY LLP as the independent registered public accounting firm for the audit of its 2023 consolidated financial statements. This move follows a delay in filing its 2023 annual report due to challenges in appointing an auditor after VEON's exit from Russia. Due to the delay, VEON received a non-compliance notice from Nasdaq. The new appointment aims to address this issue, and VEON has submitted a compliance plan to Nasdaq, aiming for full compliance by Q4 2024. UHY LLP, part of UHY International, is a leading global network of accounting firms.
VEON (NASDAQ: VEON, Euronext Amsterdam: VEON) has agreed to sell its 49% stake in Kazakh wholesale telecommunications infrastructure provider TNS Plus LLP (TNS+) to its JV partner, the DAR group. The sale is valued at USD 137.5 million and awaits regulatory approval in Kazakhstan. The divestment aligns with VEON's asset-light strategy, allowing the company to focus on its core digital services in Kazakhstan, such as its financial app Simply, entertainment platform BeeTV, and AI-driven software development via QazCode. DAR will continue to invest in telecommunications infrastructure and digital innovations in Kazakhstan.
On May 20, 2024, VEON received a notification from Nasdaq's Listing Qualifications Department indicating non-compliance with timely filing requirements due to a delay in submitting its Annual Report on Form 20-F for 2023. This delay stems from challenges in appointing a Public Company Accounting Oversight Board (PCAOB) compliant auditor following VEON's exit from Russia. Although VEON has appointed PwC for Dutch filing purposes, the PCAOB-compliant auditor is still pending. Nasdaq has provided VEON until July 19, 2024, to submit a compliance plan, with a potential extension until November 11, 2024. Despite the delay, VEON's shares will continue trading on Nasdaq, and business operations remain unaffected.
VEON announces that its Bangladeshi operator, Banglalink, has signed an MoU with Robi Axiata to explore network sharing, aimed at expanding 4G coverage and improving network performance in Bangladesh.
This collaboration promotes an 'asset-light' business model, aligning with VEON's strategy and environmental sustainability goals.
The move is expected to enhance customer experience, reduce resource duplication, and improve operational efficiency.
Banglalink has been proactive in expanding its 4G services, including a previous MoU with Teletalk and the sale of part of its towers to Summit Towers
VEON, a global digital operator, reported its Q1 2024 financial and operational results. The company achieved USD 942 million in revenue, reflecting a 6.6% year-over-year (YoY) increase in reported currency and an 11.6% increase in local currency. EBITDA stood at USD 386 million, marking a 0.2% YoY increase in reported currency and a 5.1% increase in local currency. The company recorded capital expenditures (capex) of USD 125 million, up 38.6% YoY, with a last twelve months (LTM) capex intensity of 18.3%. Total cash and cash equivalents were USD 632 million as of March 31, 2024, and VEON reduced its gross debt to USD 3.7 billion, down by USD 2.0 billion YoY. VEON maintains its full-year guidance for 2024, expecting revenue growth of 16-18% and EBITDA growth of 18-20% in local currency. The company also increased its share ownership and is set to hold its 2024 Annual General Meeting and Capital Markets Day on June 6th, 2024.
VEON has signed a Memorandum of Understanding (MoU) with Beeline Kazakhstan, GSMA, and the Barcelona Supercomputing Center (BSC) to explore AI and language technologies for under-resourced languages. The agreement, signed at M360 Eurasia in Baku, aims to develop AI systems and language models to bridge the digital divide and improve user experiences in low-resource languages like Kazakh. Beeline Kazakhstan's IT subsidiary, QazCode, has already launched a Kazakh-language AI module, Kaz-RoBERTA-conversational, for customer service. The initiative hopes to address the AI language gap and promote digital inclusion for millions of people.
VEON, a global digital operator, has published its Annual Corporate Governance Report for the financial year 2023. Released on May 15, 2024, the Report is available on the Financial Results section of VEON's website. It includes essential details ahead of the 2024 Annual General Meeting of Shareholders scheduled for May 31, 2024. The Report summarizes key 2023 achievements, outlines VEON's corporate governance structure, presents the Board of Directors' nominee recommendations, and provides an unaudited remuneration report for the year ending December 31, 2023.
VEON's subsidiary, Kyivstar, was named the top international investor in Ukraine for 2022-2023 by Forbes Ukraine. Kyivstar's UAH 12.3 billion (approx. USD 350 million) in capital expenditures focused on expanding 4G coverage, network availability, energy resilience, and digital services. They installed 5,500 new base stations and upgraded over 13,000 to 4G, increasing 4G coverage from 90.3% to 95.4%. Kyivstar also invested UAH 1 billion (USD 27.4 million) in energy resilience and acquired a controlling interest in Helsi, a leading digital healthcare platform. VEON and Kyivstar have committed to investing USD 600 million over the next three years.