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. reports developments as a Nasdaq-listed digital operator providing connectivity and digital services through mobile, fixed-line and broadband networks. Company news commonly covers operating and financial results, integrated annual reporting, governance actions from annual general meetings, ADS program updates and capital allocation policies.
Recurring operating updates include Kyivstar activity in Ukraine, Banglalink activity in Bangladesh, satellite-enabled connectivity agreements with Starlink, network resilience investments and the expansion of digital services such as healthcare, ride-hailing, delivery and enterprise connectivity. These updates describe how VEON combines telecom infrastructure with consumer and business digital platforms across its markets.
VEON Ltd. has partnered with Turkcell to launch the BiP app in Pakistan through its Jazz platform, reaching 194 million mobile users. This collaboration aims to enhance the digital economy and provide secure messaging and instant translations in over 100 languages. The app offers features like voice and video calls, catering to a diverse audience. VEON's CEO emphasizes messaging as a strategic focus, with plans to expand digital services across their operating markets. The initiative reflects a broader vision to drive digital inclusion and economic growth in the region.
Turkcell and VEON's Jazz have signed a memorandum of understanding to introduce the BiP communication app in Pakistan. This strategic partnership aims to boost BiP's adoption, enhancing digital communication in the region. BiP offers instant messaging, voice and video calls, and unique features such as translation across 192 countries, with nearly 99 million downloads. Turkcell's CEO emphasized the importance of expanding digital services, while Jazz's CEO highlighted their strategy to serve over 120 million users. This collaboration not only strengthens ties between Turkey and Pakistan but also targets the growth of digital economies.
VEON Ltd. has updated its proposed Scheme of Arrangement for 2023 Notes, aiming to modify payment terms and extend maturity dates. The amendments include raising the Amendment Fee from 75bps to 200bps and adding a Put Right for noteholders to repurchase up to USD 600 million in notes. The proposal is subject to majority consent from noteholders and compliance with sanctions laws. The group's cash balance must exceed USD 1 billion on a specified test date for the Put Right to be exercisable.
Amsterdam, 8 December 2022: VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON) announces that Banglalink’s Toffee has reached over 25 million viewers for its FIFA World Cup streaming service during the 'Round of 16' stage. The platform provides open access to all telco customers in Bangladesh. CEO Kaan Terzioglu highlighted the importance of digital entertainment, stating it demonstrates the potential of mobile services. Toffee, launched in 2019, offers a superior viewing experience with extensive content, including over 80 live TV channels and sports.
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VEON Ltd. announced the sale of its Russian operations for an expected enterprise value of RUB 370 billion, led by VimpelCom's management team, including CEO Aleksander Torbakhov. The buyout signals a 3.2x EBITDA multiple based on 2022E estimates. VEON will receive RUB 130 billion (approx. USD 2.1 billion), primarily through debt discharge, aiding in significant balance sheet deleveraging. The deal is set for completion by June 1, 2023, pending regulatory approvals. This strategy may enhance VEON's credit profile and overall equity position.
VEON Ltd. has initiated a scheme in England to extend the maturity of its 5.95% and 7.25% notes, initially due in February and April 2023, by eight months. This decision follows extensive discussions concerning regulatory challenges and geopolitical risks impacting the Group. The extension aims to facilitate the sale of its Russian subsidiary, VimpelCom, projected to generate approximately USD 2.1 billion. This move is expected to reduce VEON’s debt and improve access to international capital markets while averting inefficient liquidity use related to existing sanctions.
Amsterdam, 18 November 2022: VEON Ltd. (NASDAQ: VEON) announced the issuance of U.S. Department of the Treasury's General License 54, allowing transactions related to the purchase and receipt of its debt and equity securities issued before June 6, 2022. This authorization ensures trading confidence amidst U.S. sanctions on new investments in Russia. CEO Kaan Terzioğlu affirmed this as a recognition of VEON's mission to provide connectivity and digital services, emphasizing ongoing initiatives such as enhancing 4G penetration and strategic projects surrounding its Russian operations.
VEON Ltd. reported a robust trading update for Q3 2022, achieving total revenues of USD 2,077 million, a 3.6% YoY growth in reported currency. Service revenues grew by 7.9% YoY, totaling USD 1,968 million. EBITDA remained flat at USD 889 million, with net debt/EBITDA ratio improving to 2.41x. The company's liquidity strengthened, closing with USD 3.3 billion in cash. 4G users increased 15.1% YoY, reaching 52.7% of the customer base. Despite geopolitical challenges, VEON's business focus and cost management strategies supported its growth.
VEON Ltd. announced on November 2, 2022, that it is engaging in a competitive sales process for its Russian operations.
The management aims to achieve an optimal outcome for all stakeholders, including shareholders and customers.
Despite this initiative, VEON has not yet committed to any agreements or outcomes regarding the sale, and there are no guarantees of an acceptable offer, necessary approvals, or completion of any options considered.