Veon Ltd Stock Price, News & Analysis

VEON Ltd. announced the resignation of Mr. Fridman from its Board of Directors, effective February 28, 2022. This change may impact the corporate governance of the company, as Fridman has been a significant figure within the organization. The press release includes standard disclaimers regarding forward-looking statements and inside information under relevant regulations.

For more information, visit the company's official website.

VEON Ltd. (NASDAQ: VEON) announced a revised Group Executive Committee (GEC) incentive plan, effective from the 2022 Short Term Incentive (STI) awards. The STI now comprises 50% shares and 50% cash, linked to financial and non-financial KPIs. A new Long Term Incentive (LTI) scheme has been introduced, measuring total shareholder return over three years. GEC members must achieve a minimum shareholding of 6.0x for the CEO and 2.0x for others. A one-off share award has also been granted to offset initial cash losses from the STI revision.

VEON Ltd. (NASDAQ: VEON) announced a share award to its Group Chairman, Gennady Gazin, receiving 1,224,086 shares, and Hans-Holger Albrecht, Chairman of the Digital and Innovation Committee, awarded 1,360,095 shares. This annual pro-rata award will vest on June 10, 2022, with a holding period until July 16, 2023. The decision, made by the Nomination and Corporate Governance Committee, acknowledges their significant contributions during a transformative year for VEON's executive leadership.

VEON Ltd. reported its 2021 financial results, revealing full-year revenue of USD 7,788 million (+10.1% YoY in local currency) and EBITDA of USD 3,332 million (+8.9% YoY). The company achieved a net income of USD 801 million and a capex of USD 1,826 million, with a cash balance of USD 2.3 billion and undrawn credit lines of USD 1.5 billion. The net debt/EBITDA ratio stood at 2.44x, indicating a focus on deleveraging. VEON also closed a tower transaction in Russia and enhanced its digital services, marking significant growth across its markets.

VEON Ltd. (NASDAQ: VEON) announces its MobileID authentication system is gaining traction as a potential global standard to replace social network-based authentication. The system has grown from 600,000 users in December 2021 to over 1 million, leading to its expansion in Uzbekistan, Georgia, and Pakistan. Supported by GSMA and other major mobile operators, MobileID enhances security through multi-factor authentication while simplifying online access for users. VEON aims to protect user data through regulated service providers and plans to further promote MobileID's adoption.

VEON Ltd. (NASDAQ: VEON) has announced its innovative Always-on Network Service, enabling digital financial applications to remain operational during mobile service disruptions. Such interruptions, which occurred 155 times across 29 countries in 2020, caused financial damages estimated at $23.6 million per day per 10 million population. The service, which utilizes 4G network-slicing technology, will initially launch in Pakistan, ensuring the JazzCash mobile banking service continues functioning amidst service suspensions. This initiative aligns with VEON's strategy to enhance digital connectivity.

VEON Ltd. has secured a new RUB 30 billion (approximately USD 400 million) seven-year term loan from VTB Bank, guaranteed by VEON Holdings B.V. This floating-rate facility aims to enhance VEON's capital structure and will finance intercompany loans to PJSC VimpelCom. CFO Serkan Okandan emphasized that the loan aids in extending the maturity of the company's debt portfolio, thereby improving financial stability.

VEON Ltd. (NASDAQ: VEON) has announced plans to move its parent company from Bermuda to the United Kingdom, establishing a new UK public limited company as the top holding entity. This transition aims to enhance operational efficiency and align with high standards of corporate governance. The company expects no adverse tax implications or significant changes to its governance structure. Shareholder approval will be sought, with shares to be exchanged on a 1-for-1 basis. The transition is set to comply with regulatory requirements and will maintain current listings on Euronext Amsterdam and NASDAQ.

VEON Ltd. has announced updates to its financial calendar, with quarterly financial results set for publication on specific dates. The results for the fourth quarter of 2021 will be released on February 28, 2022, followed by the first quarter of 2022 on April 28, 2022, the second quarter on August 4, 2022, and the third quarter on November 3, 2022. The announcement underlines VEON's commitment to transparency in reporting financial performance.