
21 Oct 2024
VEON Welcomes Letter from its Shareholder Shah Capital, Reiterates Commitment to Shareholder Value Creation Amsterdam and Dubai, 21 October 2024 - VEON Ltd. (Nasdaq: VEON; Euronext Amsterdam: VEON), a global digital operator ( VEON or the Company ), acknowledges the receipt of a letter from Shah Capital (the Shah Letter ), a valued long-term shareholder holding approximately 7% of VEON's shares, to the VEON Board of Directors ( VEON Board ).
The letter, which outlines Shah Capital's views on VEON's current valuation and suggests a seven-step strategic roadmap to enhance shareholder value, has been reviewed by VEON's Board of Directors and the Management team. VEON thanks Shah Capital for their continued support and feedback; and welcomes the opportunity to address the issues highlighted in the Shah Letter, initially with a response from VEON Board to Shah Capital shared earlier today, and also in the longer term through continued communication.
VEON appreciates Shah Capital's insights and its recognition of VEON's recent operational growth and the ongoing transformation of the business. While VEON's share value has more than doubled over the past 2 years, the Company also shares Shah Capital's assessment that its current share price indicates a potential for further improvement, as VEON positions itself as a leading opportunity for investors seeking growth in frontier markets.
VEON highlights the following points that have also been included in VEON Board's response to the Shah Letter:
Our engagement with investors, particularly across Europe and the US, remains strong. We are pleased to note the recent inclusion of VEON bonds in JP Morgan's EM Corporate Indices (CEMBI, JACI, and JSEG). We continue to actively engage with various institutions to broaden coverage and enhance liquidity. Earlier this year, VEON also received an upgraded ESG rating of AA from MSCI , positioning us among the Leaders in our industry.
Consistent with our announced strategy at our Capital Markets Day, we are evaluating options to crystallize the value of our businesses and the assets which we own, including through initial public offerings of some of our companies when relevant. Our goal is to ensure that the structuring and timing of any potential transaction is aligned with maximizing VEON shareholder value.
Our Digital Operator (DO1440) strategy has been the main driver of our growth, helping us focus on growing our digital services portfolio, and enhancing customer engagement and value generation. As our DO1440 strategy evolves - now complemented by our AI1440 focus - our companies also expand their value offering as leading providers of of digital finance, healthcare, entertainment, education, and enterprise services, including as providers of software, cloud, big data and AI-based solutions.
We continuously refine our governance structure with optimizations that drive efficiency, innovation, and enhanced shareholder value. Recent examples in this regard include our plans to move our headquarters to Dubai to closer proximity to our markets, and the commencement of the process to consolidate our trading on Nasdaq Stock Exchange with our planned delisting from Euronext Amsterdam.
VEON remains committed to driving sustainable growth and creating long-term value for all shareholders. The Company is focused on continuing to execute its strategic initiatives, including advancing its strong operating outlook, optimizing its capital structure, and maintaining a disciplined approach to capital allocation. We are carefully considering the recommendations in the Shah Letter, which include suggestions on capital returns, improving market valuation, leveraging VEON's strengths in emerging markets and further enhancing communication with the investment community.
As always, VEON appreciates the constructive engagement from its shareholders. Our Board and Management will continue to maintain an open dialogue with all our shareholders as we look to unlock VEONs full potential.
1The use by VEON of any MSCI ESG RESEARCH LLC or its affiliates ( MSCI ) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of VEON by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
About VEON
VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers. Operating across six countries that are home to more than 7% of the world's population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: www.veon.com
Disclaimer
This release contains forward-looking statements, as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON's strategy and investment plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events. Furthermore, elements of this release contain o
More from VimpelCom
08/05/2025
08 May 2025
VEON Shareholders Re-elect Board at 2025 AGM, Founder Augie Fabela ...
07/05/2025
07 May 2025
VEON's QazCode Signs MoU with Seekr to Develop AI-Powered Solut...
02/05/2025
02 May 2025
VEON to release 1Q25 trading update on May 15, 2025 Dubai, May 2, 2025 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms that t...
25/04/2025
25 Apr 2025
VEON Files its 2024 Annual Report on Form 20-F Dubai, April 25, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON' or the Compa...
14/04/2025
14 Apr 2025
VEON Publishes 2024 Integrated Annual Report Detailing Commitment t...
08/04/2025
08 Apr 2025
VEON Completes Reorganization Ahead of Kyivstar's Planned Nasdaq Listing Dubai, April 8, 2025: VEON Ltd. (Nasdaq: VEON), a global digital opera...
31/03/2025
31 Mar 2025
VEON Announces 2025 AGM and Board Nominees Notice of the 2025 Annual General Meeting of Shareholders of VEON Ltd.
Dubai, March 31, 2025 - VEON Ltd...
27/03/2025
27 Mar 2025
VEON Returns to Capital Markets with Successful Syndication of USD ...
26/03/2025
26 Mar 2025
VEON Appoints Anand Ramachandran as Corporate Development Officer Dubai, March 26, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON...
21/03/2025
21 Mar 2025
VEON and Airspan Sign MoU to Collaborate on Air-to-Land Network Sol...
20/03/2025
20 Mar 2025
VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital...
20/03/2025
20 Mar 2025
VEON to Proceed with USD 35 Million Share Buyback Announcement marks second phase of USD 100 million share buyback program announced on August 1, 2...
20/03/2025
20 Mar 2025
VEON Discloses Selected Key Financial Metrics About Uklon Kyiv and Dubai, March 20, 2025 - VEON Ltd. (Nasdaq: VEON), a global digital operator, tod...
19/03/2025
19 Mar 2025
VEON's Kyivstar Expands Digital Portfolio with Acquisition of U...
18/03/2025
18 Mar 2025
VEON Moves Forward with Kyivstar's Landmark Nasdaq Listing; Sig...
17/03/2025
17 Mar 2025
VEON appoints Johan Buse as the Incoming CEO of Banglalink Dubai and Dhaka, 17 March 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VE...
12/03/2025
12 Mar 2025
VEON to release 4Q 2024 trading update on 20 March 2025 Dubai, 12 March 2025 - VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms ...
06/03/2025
06 Mar 2025
Mobilink Bank Wins GLOMO Award for Invisible Heirs Campaign Barcelona and Islamabad, March 06, 2025: VEON Ltd. (Nasdaq: VEON), a global digital ope...
05/03/2025
05 Mar 2025
VEON's Jazz to Deploy 1,000 Solar Sites across Pakistan in coll...
04/03/2025
04 Mar 2025
VEON's Beeline Uzbekistan to Deploy Predictive AI for Enhanced ...
26/02/2025
26 Feb 2025
VEON Highlights Role of Investments in Rebuilding Ukraine, Renews ...
14/02/2025
14 Feb 2025
VEON's Kyivstar and the Come Back Alive Foundation Raise USD 2....
12/02/2025
12 Feb 2025
VEON's JazzCash and Mobilink Bank Shortlisted for Prestigious GLOMO Awards Dubai and Islamabad, February 12 2025: VEON Ltd. (Nasdaq: VEON), a g...
30/01/2025
30 Jan 2025
VEON Gets Unanimous Support from Noteholders Voting in Consent Soli...
16/01/2025
16 Jan 2025
VEON Appoints New Members to the Group Executive Committee Dubai, 16 January 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or t...
13/01/2025
13 Jan 2025
VEON to List Kyivstar on Nasdaq in New York, Signs Letter of Intent...
09/01/2025
09 Jan 2025
VEON appoints Burak Ozer as Group Chief Financial Officer Dubai, 9 January 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the...
30/12/2024
30 Dec 2024
In a Groundbreaking Agreement, VEON and Starlink to Bring Starlink ...
19/12/2024
19 Dec 2024
VEON Completes the Move of its Headquarters to Dubai Dubai, 19 December 2024: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the G...
13/12/2024
13 Dec 2024
VEON discloses its unaudited interim condensed consolidated financi...
12/12/2024
12 Dec 2024
Kyivstar and Jazz Secure Double Win for VEON at The World Communica...
11/12/2024
11 Dec 2024
Kazakh Language Gets its National LLM with a Groundbreaking Partner...
09/12/2024
09 Dec 2024
VEON Approves Launch of the Initial USD 30 Million Phase of its Sha...
05/12/2024
05 Dec 2024
VEON and Engro Corp Announce Strategic Partnership for Telecommunic...
03/12/2024
03 Dec 2024
In an Open Letter to VEON Investors, VEON Group CEO Welcomes the Un...
02/12/2024
02 Dec 2024
VEON's Kyivstar Launches GenAI Lab with Amazon Web Services (AW...
29/11/2024
29 Nov 2024
VEON Welcomes Unfreezing of its Corporate Rights in Kyivstar, Suppo...
25/11/2024
25 Nov 2024
VEON Shares now Trade Exclusively on Nasdaq in New York Amsterdam, Dubai and New York, November 25, 2024: VEON Ltd. (Nasdaq: VEON), a global digita...
21/11/2024
21 Nov 2024
VEON on Track to Consolidate Trading on Nasdaq in New York, Last Da...
21/11/2024
21 Nov 2024
VEON Publishes 2023 Dutch Annual Report for VEON Holdings B.V. with...
20/11/2024
20 Nov 2024
VEON's Kyivstar Acquires New Spectrum, Investing UAH 1.4 Billio...
19/11/2024
19 Nov 2024
GSMA brings M360 Eurasia to Tashkent in partnership with Beeline Uz...
15/11/2024
15 Nov 2024
VEON Receives License for its Branch Office in Dubai International ...
14/11/2024
14 Nov 2024
VEON 3Q24 Trading Update: Another Billion Dollar Revenue Quarter, D...
13/11/2024
13 Nov 2024
VEON appoints UHY LLP as auditors for VEON Groups 2024 PCAOB Audit Amsterdam and Dubai, 13 November 2024 - VEON Ltd. (Nasdaq: VEON, Euronext Amster...
12/11/2024
12 Nov 2024
VEON Announces Special General Meeting for the Laying of the 2023 A...
11/11/2024
11 Nov 2024
VEON Elevates its Youth Offering Through Banglalink's AI-Powere...
08/11/2024
08 Nov 2024
VEON Group Reaffirms Commitment to Strengthen Pakistan's Digita...
07/11/2024
07 Nov 2024
VEON's Cloud & Cybersecurity Platform Garaj Signs with Standard...