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. (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.
VEON Ltd. (NASDAQ: VEON) announces that Mobilink Microfinance Bank Limited (MMBL), a part of Jazz, has been awarded the Best MicroFinance Bank (Digital) of the Year by the CFA Society in Pakistan. MMBL is the largest digital bank in the country, boasting over 20 million registered users and 8 million active digital wallets. The award was presented at the 17th Annual Excellence Awards Ceremony, recognizing MMBL's role in financial inclusion. VEON's co-CEO Sergi Herrero emphasized pride in the achievement and the trust it represents for future developments.
On October 6, 2020, VEON Ltd. announced a network sharing partnership involving its Kazakhstan mobile services provider, KaR-Tel, which operates under the Beeline brand. This collaboration unites Beeline with Kcell and Tele2 to enhance high-speed internet accessibility to rural communities as part of the 250+ initiative. The project aims to extend coverage to nearly 1,000 rural settlements with 3G and 4G connections, impacting 600,000 residents. The initiative will facilitate distance learning, telemedicine, and e-commerce, driving economic development in Kazakhstan's countryside.
VEON Ltd. announced on Sept. 28, 2020, that its partner in Pakistan, the Dhabi Group, has exercised a put option to sell its 15% stake in PMCL, which operates the Jazz mobile network. Following this transaction, expected to close in Q4 2020 after an independent valuation, VEON will fully own PMCL, enhancing governance and allowing the company to receive full dividends from its operations in Pakistan. The put option is currently recorded as a liability in VEON's accounts, subject to quarterly reappraisal.
VEON Holdings B.V. has announced the pricing of RUB 10 billion (approximately USD 133 million) in 6.50% senior unsecured notes due 2025. This offering, the second bond issuance under its Global Medium Term Note Programme, generated strong international investor interest. Proceeds will be utilized for general corporate purposes, aiming to enhance VEON's capital structure. The settlement is expected on September 11, 2020, subject to customary closing conditions. VEON continues to assess capital market opportunities for future offerings.