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 appointed Alex Bolis, previously the Head of Corporate Strategy, Communications and Investor Relations, as a special advisor to the CEO and CFO. He will now engage in special projects across the Group and specific countries. The investor relations and communications functions will report to the Group CFO and Chief People Officer, respectively. CEO Kaan Terzioglu expressed gratitude for Bolis’s contributions to the company's transformation.
VEON announces the completion of additional share transfers to its Executive Committee members under the Deferred Share Plan established in February 2022. The latest transfers include 145,715 shares to Michael Schulz, 92,572 shares to Joop Brakenhoff, and 64,286 shares to Alex Bolis. This program aims to align management ownership with the company’s performance, requiring GEC members to maintain a minimum shareholding equivalent to 6.0x the Group CEO’s salary and 2.0x for other members. These incentives encourage long-term commitment to VEON’s growth.
VEON Ltd. (NASDAQ: VEON), a global digital operator, announces the completion of management share transfers as part of its incentive program initiated in February 2022. The transfer includes shares awarded to the Group CEO, Kaan Terzioglu, and Group CFO, Serkan Okandan, under VEON's Deferred Share Plan. This step aims to align executive compensation with the company’s digital strategy and long-term shareholder value creation. Post-transfer, Terzioglu holds 1,674,900 shares, while Okandan holds 222,172 shares.
VEON Ltd. held its Annual General Meeting of Shareholders on June 29, 2022, where significant governance changes were implemented. Shareholders elected three new directors: Augie Fabela, Morten Lundal, and Stan Miller, alongside eight continuing members. The meeting saw 99.9% of shares represented and included the formal presentation of the financial statements. The newly elected directors bring extensive experience in telecommunications and media, which could positively influence VEON's strategy moving forward.
VEON Ltd. reported a 1.3% increase in consolidated revenue for the first five months of 2022, up 8.7% year-on-year in local currency. Six out of eight countries showed double-digit revenue growth. CEO Kaan Terzioglu attributes this growth to the digital operator strategy, enhancing customer experience, and expanding service portfolios. Subscriber growth and improved engagement metrics are noted, reflecting a positive operational outlook despite challenging conditions. Full AGM details are available on the VEON website.
VEON Ltd. reported its 1Q22 financial results, showing a net loss of USD 97 million yet a significant net profit before impairments rose by 168% YoY to USD 375 million. Revenue increased by 9.8% YoY in local currency to USD 1,823 million. Cash from operations was USD 565 million, demonstrating strong cash flow generation despite challenges. A non-cash goodwill impairment of USD 449 million affected results, primarily due to operations in Russia. Overall, VEON continues to strengthen its market presence in various regions, including Ukraine and Pakistan.
VEON Ltd. has announced a significant US$ 15 million investment in Dastgyr, a B2B e-commerce platform in Pakistan, as part of its Series A funding. This investment aims to enhance Pakistan's digital economy, connecting retailers with suppliers for better pricing and financing visibility. The funding will support Dastgyr's expansion into 15 new cities, building synergies with VEON's existing services like Jazz's communications network and JazzCash mobile payments. VEON's investment reflects its commitment to the region's digital transformation.
On June 10, 2022, VEON's CEO Kaan Terzioğlu provided an update on key developments for stakeholders. VEON completed the sale of its Georgian operations for USD 45 million, strengthening focus on high-growth markets. The company increased its cash reserves to approximately USD 2.4 billion and finalized significant long-term loans for its Pakistani and Bangladeshi operations. The Group reported year-on-year revenue growth in April and May, driven by strong performance in its digital services. The Annual General Meeting is scheduled for June 29, 2022.
VEON Ltd. announced the completion of the sale of its Georgian subsidiary, VEON Georgia LLC, to its former local partner for USD 45 million. This transaction reflects a 3.5x multiple on 2021 EBITDA (pre-IFRS16) and aligns with VEON's strategy to simplify its organizational structure. CEO Kaan Terzioglu highlighted the successful negotiations and emphasized the commitment of the new shareholder towards the ongoing digital transformation in Georgia. This move indicates VEON's continued focus on streamlining operations while fostering digital growth in the region.
Summary not available.