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VEON Ltd. is the issuer of ADSs for which Shah Capital Management, Inc., Shah Capital Fund, and Himanshu H. Shah reported beneficial ownership. Each ADS represents one common share.
Shah Capital Management reported 4,575,667 ADSs (6.65%), and Shah Capital Fund reported 2,790,960 ADSs (4.06%); each reported shared voting and dispositive power over its stated amount. Himanshu H. Shah, President and Chief Investment Officer of Shah Capital Management, reported 4,620,275 ADSs (6.72%), including 44,608 over which he reported sole voting and dispositive power and 4,575,667 over which he reported shared voting and dispositive power. The amounts are reported separately for each reporting person.
Key Figures
Shah Capital Management beneficial ownership:4,575,667 ADSsShah Capital Fund beneficial ownership:2,790,960 ADSsHimanshu H. Shah beneficial ownership:4,620,275 ADSs+5 more
8 metrics
Shah Capital Management beneficial ownership4,575,667 ADSs6.65% of the class
Shah Capital Fund beneficial ownership2,790,960 ADSs4.06% of the class
Himanshu H. Shah beneficial ownership4,620,275 ADSs6.72% of the class
Shah Capital Management ownership percentage6.65%Beneficial ownership
Shah Capital Fund ownership percentage4.06%Beneficial ownership
Himanshu H. Shah ownership percentage6.72%Beneficial ownership
Himanshu H. Shah sole voting and dispositive power44,608 ADSsReported sole power
Himanshu H. Shah shared voting and dispositive power4,575,667 ADSsReported shared power
Key Terms
American Depositary Shares, beneficially owned, Shared Voting Power, dispositive power
4 terms
American Depositary Sharestechnical
"American Depositary Shares, or ADS each representing one common share"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
beneficially ownedfinancial
"Amount beneficially owned"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared Voting Powerfinancial
"Shared Voting Power 4,575,667.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
dispositive powerfinancial
"Shared power to dispose or to direct the disposition"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many VEON ADSs did Himanshu H. Shah report beneficially owning?
Himanshu H. Shah reported beneficial ownership of 4,620,275 ADSs, or 6.72%. He reported sole voting and dispositive power over 44,608 ADSs and shared voting and dispositive power over 4,575,667 ADSs.
How many VEON ADSs did Shah Capital Fund report?
Shah Capital Fund reported beneficial ownership of 2,790,960 ADSs, or 4.06%, with shared voting and dispositive power over that amount.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
VEON Ltd.
(Name of Issuer)
American Depositary Shares, or ADS each representing one common share
(Title of Class of Securities)
91822M502
(CUSIP Number)
10/16/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
91822M502
1
Names of Reporting Persons
Shah Capital Management
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
NORTH CAROLINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,575,667.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,575,667.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,575,667.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.65 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
91822M502
1
Names of Reporting Persons
Shah Capital Fund LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,790,960.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,790,960.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,790,960.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.06 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
91822M502
1
Names of Reporting Persons
Himanshu H. Shah
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
44,608.00
6
Shared Voting Power
4,575,667.00
7
Sole Dispositive Power
44,608.00
8
Shared Dispositive Power
4,575,667.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,620,275.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.72 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
VEON Ltd.
(b)
Address of issuer's principal executive offices:
INDEX TOWER (EAST TOWER), UNIT 1703, DUBAI, UNITED ARAB EMIRATES
Item 2.
(a)
Name of person filing:
(i) Shah Capital Management, Inc. ("Shah Capital"), a North Carolina corporation, who serves as the investment adviser to Shah Capital Fund (as defined below);
(ii) Shah Capital Fund ("Shah Fund"), a Delaware limited liability company; and
(iii) Himanshu H. Shah ("Mr. Shah"), who serves as President and Chief Investment Officer of Shah Capital.
Shah Capital, Shah Fund and Mr. Shah are referred to collectively as the "Reporting Persons."
(b)
Address or principal business office or, if none, residence:
The address of the principal business and principal office of each of the Reporting Persons is:
2301 Sugar Bush Road, Suite 510
Raleigh, North Carolina 27612
(c)
Citizenship:
Shah Capital is a North Carolina corporation.
Shah Fund is a Delaware limited liability company.
Mr. Shah is a citizen of the United States of America.
(d)
Title of class of securities:
American Depositary Shares, or ADS each representing one common share
(e)
CUSIP Number(s):
91822M502
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
(i) Shah Capital: 4,575,667
(ii) Shah Fund: 2,790,960
(iii) Mr. Shah: 4,620,275
(b)
Percent of class:
(i) Shah Capital: 6.65%
(ii) Shah Fund: 4.06%
(iii) Mr. Shah: 6.72%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(i) Shah Capital: 0
(ii) Shah Fund: 0
(ii) Mr. Shah: 44,608
(ii) Shared power to vote or to direct the vote:
(i) Shah Capital: 4,575,667
(ii) Shah Fund: 2,790,960
(ii) Mr. Shah: 4,575,667
(iii) Sole power to dispose or to direct the disposition of:
(i) Shah Capital: 0
(ii) Shah Fund: 0
(ii) Mr. Shah: 44,608
(iv) Shared power to dispose or to direct the disposition of:
(i) Shah Capital: 4,575,667
(ii) Shah Fund: 2,790,960
(ii) Mr. Shah: 4,575,667
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Shah Capital Management
Signature:
/s/ Himanshu H. Shah
Name/Title:
Himanshu H. Shah, President and Chief Investment Officer
