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 announces that its digital operator in Pakistan, Jazz, has secured the country's largest long-term private sector syndicated credit facility of up to PKR 75 billion (approximately USD 270 million). This 10-year financing arrangement will support Jazz's growth ambitions as Pakistan's leading provider of 4G connectivity and digital services.
The banking consortium, led by The Bank of Punjab, includes prominent financial institutions such as Habib Bank, Bank Alfalah, and Meezan Bank. This credit facility will accelerate the deployment of cutting-edge digital infrastructure in Pakistan, focusing on services important for realizing the potential of its young population and vibrant business landscape.
The agreement signifies trust and support for Jazz as the leading digital growth engine of the country, enabling its transition from a telco to a ServiceCo with investments in cloud, software, and financial services.
VEON's subsidiary Kyivstar is enhancing its network resilience in Ukraine by deploying an additional 848 industrial generators and 61,766 batteries. This investment aims to ensure service continuity during extended power blackouts caused by attacks on Ukraine's energy infrastructure. Kyivstar has already deployed 2,322 generators and 115,000 four-hour duration batteries at base stations.
The company has invested over USD 24 million in energy resilience over the past two years. This new deployment is part of Kyivstar's strategy to support critical connectivity across Ukraine, including facilities requiring at least three days of generating capacity during comprehensive power outages.
VEON and Kyivstar have committed to invest USD 1 billion in Ukraine over a five-year period from 2023 to 2027. Kyivstar was recently recognized as Ukraine's largest foreign investor in 2022 and 2023 by Forbes Ukraine and received the GSMA's Global Mobile Award for its Network Resilience Project at MWC 2024.
VEON has received an extension from Nasdaq to file its delayed 2023 20-F annual report. The company must submit the report by November 11, 2024, to regain compliance with listing rules. The delay stems from the war in Ukraine and the sale of VEON's Russian operations, which complicated the appointment of an independent audit firm. VEON has since appointed UHY LLP as its PCAOB auditor and is working towards completing the report by the fourth quarter of 2024.
VEON has announced the successful amendment of its 2025 and 2027 notes following the consent of bondholders and obtaining a license from the U.S. Treasury's Office of Foreign Assets Control (OFAC). The amendments effectively cancel the economic obligations under the original notes, relieving VEON Holdings from making principal or interest payments. In May and June 2024, new notes due in April 2025, June 2025, and November 2027 were issued to eligible investors. Additionally, VEON executed the early redemption of its September 2025 and September 2026 notes, concluding the consent solicitation process initiated in April 2024. The company also settled deferred considerations related to the sale of PJSC Vimpelcom. VEON shares continue to trade without restrictions on Nasdaq and Euronext-Amsterdam.
VEON (Nasdaq: VEON, Euronext Amsterdam: VEON) has released its unaudited interim condensed consolidated financial statements for the three-month period ended 31 March 2024. These financial statements are based on internal management accounts and have not been externally reviewed or audited. VEON emphasizes that the financial information is subject to material variation and should not be overly relied upon. The full financial statements can be accessed on the VEON Group website.
VEON, a global digital operator, through its subsidiary Kyivstar, has announced an increase in its investment commitment to rebuild Ukraine's digital infrastructure to USD 1 billion over five years (2023-2027), up from the previously announced USD 600 million for three years. This investment will fund network and digital services, potential acquisitions, social contributions, and partnerships. VEON's leaders, including Chairman Augie Fabela and board member Michael R. Pompeo, will attend the Ukraine Recovery Conference to discuss this commitment. Kyivstar has already invested significantly in Ukraine, including building and upgrading LTE base stations, expanding 4G coverage, and investing in the country's energy resilience and digital healthcare. Kyivstar aims for near-universal 4G coverage and continues to support local businesses with digital services.
VEON held its Capital Markets Day 2024, revealing future goals and strategies until 2027.
Highlights include revenue growth of 16%-19% CAGR, EBITDA growth of 19%-22% CAGR, and a $900 million-$1 billion equity free cash flow target by 2027.
VEON aims to expand the EBITDA margin by 3 percentage points and increase multiplay customers to 50% by 2027.
Plans include reducing leverage, increasing local debt share, and maintaining a leverage ratio below 1.5x.
Additional targets for regional operations like Pakistan, Ukraine, and Kazakhstan were also shared, each with specific growth and revenue ambitions.
The CMD presentation will be available on VEON’s website.
On May 31, 2024, VEON held its Annual General Meeting (AGM) where shareholders approved a new seven-member Board of Directors. Key additions include former U.S. Secretary of State Michael R. Pompeo, Sir Brandon Lewis, and Duncan Perry. Incumbent directors Augie K. Fabela II, Andrei Gusev, Michiel Soeting, and VEON Group CEO Kaan Terzioglu continue to serve. Augie K. Fabela II, the company's founder, was elected as the Chairman. VEON aims to leverage its innovative spirit to deliver growth across its markets, meeting increasing demand for digital services and new technologies like AI. Approximately 97.9% of shares were represented at the AGM. Shareholders ratified PricewaterhouseCoopers Accountants N.V. for auditing the 2023 financial statements and approved changes to the Company’s Bye-laws for administrative corrections and electronic meeting facilitation.
VEON released its April YTD 2024 trading update during its AGM on May 31, 2024. The company reported total revenue of $1,278 million, an 8.6% increase YoY, and a 12.9% increase in local currency. Service revenue was $1,226 million, up by 7.5% YoY, and EBITDA reached $528 million, a 2.1% YoY increase. Five out of six countries showed revenue growth, with notable increases in Pakistan (22.3%) and Kazakhstan (21.7%). However, Ukraine's revenue and EBITDA declined by 13.5% and 22.3%, respectively. VEON cited positive FX developments and the execution of its Digital Operator strategy as key growth drivers.
VEON announced the appointment of UHY LLP as the independent registered public accounting firm for the audit of its 2023 consolidated financial statements. This move follows a delay in filing its 2023 annual report due to challenges in appointing an auditor after VEON's exit from Russia. Due to the delay, VEON received a non-compliance notice from Nasdaq. The new appointment aims to address this issue, and VEON has submitted a compliance plan to Nasdaq, aiming for full compliance by Q4 2024. UHY LLP, part of UHY International, is a leading global network of accounting firms.
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