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.
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.
VEON Holdings B.V. has announced a drawdown of 5-year senior unsecured notes in Russian Roubles as part of its Global Medium Term Note Programme. This marks the second drawdown and is subject to market conditions. The funds will be used for general corporate purposes. Additionally, a second base offering memorandum supplement has been approved by the Luxembourg Stock Exchange for listing the Notes. This release serves informational purposes and is not an offer to sell securities in the U.S. or any jurisdiction where it would be unlawful.
VEON Ltd. reported Q2 2020 results showing a 16.3% decline in revenue to USD 1.89 billion. This decline was influenced by COVID-19 lockdowns, which disrupted operations, leading to lower sales and a 18.7% drop in EBITDA to USD 809 million. However, mobile data revenue grew at a double-digit pace, driven by increased demand for digital services. The company anticipates a gradual recovery in revenue and EBITDA in the second half of 2020.
Financial guidance for FY 2020 suggests a low to mid-single-digit local currency decline in both revenue and EBITDA.
VEON Ltd. announced the successful refinancing of its RUB 30 billion (approximately USD 422 million) term loan agreement with VTB Bank. This refinancing will extend the loan's maturity and lower its cost, enhancing VEON's capital structure. Chief Financial Officer Serkan Okandan emphasized the transaction's importance for financial flexibility and capital improvements. The refinancing is expected to strengthen the group's financial standing, further aligning with VEON's objectives in managing its RUB financings.