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 (VEON) delivers mobile connectivity, digital services, and fixed-line solutions across emerging markets through brands like Beeline and Kyivstar. This page aggregates all official announcements and third-party coverage related to the company’s operations, financial performance, and strategic initiatives.
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Key coverage areas include quarterly financial results, partnership announcements, leadership updates, network expansion projects, and digital service launches. All content undergoes strict sourcing verification to ensure compliance with financial disclosure standards.
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VEON Ltd. has appointed Joop Brakenhoff as the Group Chief Internal Audit & Compliance Officer, a newly established role reporting to the co-CEOs and the Audit Committee Chairman. Brakenhoff, who joined VEON in January 2019, previously served as the Head of Internal Audit. His leadership will enhance oversight on risk management and compliance across the organization. The co-CEOs stated that Brakenhoff brings valuable experience to a priority area of governance and ethics for VEON.
VEON Holdings B.V., a subsidiary of VEON Ltd., has priced USD 1.25 billion in senior unsecured notes at 3.375% due in 2027 under its Global Medium Term Note Programme. The offering, scheduled for settlement on November 25, 2020, aims to finance investments in subsidiaries, refinance existing debt, and support general corporate purposes. The move is seen as a step towards improving VEON's capital structure by reducing borrowing costs and lengthening debt maturity.
VEON Ltd. announced that Kaan Terzioğlu has been elected to the Board of Directors of the GSMA, a leading organization in the mobile communications industry. Terzioğlu, co-CEO of VEON, will serve alongside 26 other leaders from January 2021 to December 2022. He emphasized the importance of mobile communications to customers and economies, aiming to leverage VEON's global insights in his new role. VEON operates in 9 countries, serving over 200 million subscribers with a range of digital services, including mobile and fixed-line connectivity.
VEON Holdings B.V. announced a drawdown of 7-year senior unsecured notes under its Global Medium Term Note Programme, totaling USD 500 million. The net proceeds from this drawdown will be utilized for refinancing existing debt and supporting investments in subsidiaries. This marks the third issuance under the GMTN Programme, with the offering memorandum approved by the Luxembourg Stock Exchange. Investors should note that these notes will not be registered under U.S. securities laws, restricting their public offering in the U.S.
VEON Ltd. (NASDAQ: VEON) has issued a statement regarding tax disputes involving its subsidiary in Pakistan, Jazz. The company is contesting a 25 billion PKR assessment from the Federal Board of Revenue (FBR) for FY2017 and has filed a challenge in the Islamabad High Court. Jazz has received a stay on the FBR's demand and has made a pre-payment of 5 billion PKR pending a final court decision, with the next hearing set for December 2, 2020.
On October 29, 2020, VEON Ltd. (NASDAQ: VEON) reported Q3 2020 results, revealing a 10.4% YoY revenue decrease, largely due to currency issues, although local revenue only declined by 1.3%. The customer base increased by 3 million, reaching 207 million, with a notable growth in 4G users at 73 million. Despite a 9% YoY decline in reported EBITDA, local EBITDA grew slightly by 0.1% YoY. VEON confirmed FY2020 guidance, projecting a low to mid-single-digit local currency decline in revenue and EBITDA. Impairments totaling $790 million were recorded, mainly related to Russian operations.
VEON Ltd. (NASDAQ: VEON) has announced the sale of its Armenian subsidiary, CJSC "VEON Armenia", to Team LLC. This move aligns with VEON's strategy to streamline its organizational structure and concentrate on markets with promising long-term growth potential. The sale is valued at an EV/EBITDA multiple of 2.9x based on 2019 EBITDA figures. The transaction is expected to close shortly, strengthening VEON's operational focus.
VEON Ltd. announced the appointment of Yaroslav Glazunov as an alternate director for Alexander Pertsovsky on its Board of Directors. Pertsovsky has served on the board since January 2018. Glazunov, a managing partner at Spencer Stuart, has over 20 years of experience in global leadership advisory, focusing on CEO succession and performance. His expertise spans Europe, India, and Russia. VEON, listed on NASDAQ and Euronext Amsterdam, is dedicated to enhancing connectivity and digital services.
VEON Ltd. (NASDAQ: VEON) has announced its investment in ShopUp, Bangladesh's leading B2B commerce platform, marking it as ShopUp's first strategic corporate investor. This investment aims to bolster ShopUp's digital ecosystem for micro, small, and medium-sized enterprises (MSMEs) in Bangladesh. VEON's co-CEO noted the strategic importance of this partnership in serving the business needs of the MSME community, especially in light of COVID-19's supply chain challenges. This investment is part of the largest Series A funding round for a Bangladeshi startup, co-led by Flourish Ventures and Sequoia Capital India.
VEON Ltd. announced that its subsidiary, Mobilink Microfinance Bank Limited (MMBL), has been awarded the Best MicroFinance Bank (Digital) of the Year by the CFA Society in Pakistan. MMBL, the largest digital bank in Pakistan, boasts over 20 million registered users and 8 million monthly active wallets. The award was presented at a recent ceremony in Karachi, recognizing the bank's contributions to financial inclusion. MMBL operates branch-less banking under the JazzCash brand, partnering with Jazz, and has financed over 500,000 businesses since its inception in 2012.
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