Veon Ltd Stock Price, News & Analysis

On April 16, 2021, VEON Ltd (NASDAQ: VEON) announced that Co-CEO Sergi Herrero will step down effective June 30, 2021, but will remain as an advisor, particularly regarding VEON Ventures. Kaan Terzioglu will continue as CEO, overseeing corporate and operational matters. Chairman Gennady Gazin praised Herrero's contributions, particularly in developing the ventures business focused on digital services in markets like Pakistan and Russia. VEON emphasizes its commitment to expanding digital businesses, including mobile financial services and digital content.

VEON Ltd. has successfully completed the acquisition of a 15% minority stake in PMCL, Pakistan's top mobile operator Jazz, from the Dhabi Group for USD 273 million. This acquisition grants VEON full ownership of PMCL, simplifying governance of its Pakistani operations. The move is expected to enhance VEON's ability to leverage growth opportunities in the region, particularly through 4G and digital services. Co-CEO Sergi Herrero expressed enthusiasm for this development, indicating a commitment to further expanding services in Pakistan.

VEON Ltd. (NASDAQ: VEON), a major global provider of connectivity and internet services, has submitted its Annual Report on Form 20-F for the fiscal year ending December 31, 2020, to the U.S. Securities and Exchange Commission. This report, detailing VEON's complete audited financial statements, is accessible on the SEC website and the company's Investor Relations page. Shareholders can request a hard copy of the Form 20-F free of charge by contacting VEON's Investor Relations Department.

VEON Ltd. (NASDAQ: VEON) has appointed Andrzej Malinowski as CEO of Beeline Uzbekistan, effective March 15, 2021. Malinowski transitions from his role as CEO of Beeline Georgia, where he was succeeded by Lasha Tabidze, the former Chief Operating Officer and Chief Commercial Officer. The company initially announced another candidate for the CEO position at Beeline Uzbekistan but could not finalize the hire.

VEON Ltd. announced that its subsidiary, Banglalink, has successfully acquired 4.4MHz in the 1800MHz band and 5MHz in the 2100MHz band, raising its total spectrum holding from 30.6MHz to 40MHz. This acquisition, made at an auction held on March 8, 2021, is valued at approximately BDT1,000 crore (around USD115 million), marking one of the largest investments in Bangladesh’s telecommunications sector in recent years. The additional spectrum is expected to enhance Banglalink’s network capabilities and support its expansion of nationwide 4G services.

VEON Ltd. has secured a new multi-currency revolving credit facility (RCF) worth USD 1.25 billion for VEON Holdings B.V. This agreement replaces a prior facility established in 2017 and includes an initial term of three years with options for two one-year extensions. The RCF will enable drawdowns in either USD or euros.

VEON's CFO noted improvements in capital structure, with a 150bp decrease in average funding costs, reducing annual interest expenses by roughly USD 100 million. This new facility enhances liquidity and financial flexibility for the Group.

VEON Ltd. announced the appointment of Artashes Davtyan as CEO of Beeline Uzbekistan, effective March 15, 2021. Davtyan brings extensive leadership experience from international FMCG firms such as Gillette, PepsiCo, and Mars, most recently serving as Head of Private Label at Yandex. Co-CEO Kaan Terzioğlu expressed confidence in Davtyan's ability to enhance the customer-first approach and support sustainability initiatives in Uzbekistan, highlighting the strategic importance of this market for VEON's services.

VEON Ltd. (VEON) reported its Q4 2020 results, revealing a 1.4% YoY revenue growth in local currency, despite an 11.3% YoY decline in reported revenue due to currency fluctuations. EBITDA for the quarter increased by 0.8% YoY in local currency, with significant growth from Ukraine and Kazakhstan. The company invested USD 674 million in operational capex, focusing on 4G network expansion, which raised its 4G user base to 80 million. However, the overall profit decreased by 27.6% YoY to USD 35 million. No dividend will be paid for FY2020, while guidance for FY2021 anticipates modest revenue growth.

VEON Ltd. (NASDAQ and Euronext Amsterdam: VEON) has announced a strategic global partnership with Mastercard to enhance digital financial services across key markets, including Russia, Pakistan, Ukraine, Kazakhstan, and Bangladesh. This collaboration aims to provide consumers and merchants with tailored financial products, promoting financial inclusion for underserved communities. VEON's co-CEO, Sergi Herrero, emphasized the partnership as a crucial growth opportunity, while Mastercard's Chief Digital Officer, Jorn Lambert, expressed confidence in expanding access to the digital economy.