Sony Pixel Power calrec Sony

From VEON CEO: Key Developments Update for Investors and Partners

10/06/2022

10 Jun 2022

From VEON CEO: Key Developments Update for Investors and Partners Amsterdam, 10 June 2022 - Today the Chief Executive Officer of VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, updated the Company's stakeholders on key financial and business developments. In his letter, VEON's CEO Kaan Terzio lu wrote:

Dear VEON stakeholder,

I am pleased to update you on our latest achievements in key areas of interest for VEON Group. Since my last letter we have closed several important transactions and we are driving several others towards completion, while the operating performance of our companies remains healthy. As a global operator providing digital services to almost 220 million people across eight countries, VEON (NASDAQ: VEON, Euronext Amsterdam: VEON) continues to attract international investors such as EXOR Capital (UK), Shah Capital (US), Kopernik Global Investors (US) and PIMCO (US), who recently increased their holdings of our shares, according to the latest public filings. I would like to express my appreciation for your continued trust in VEON.

Liquidity, capital structure and M&A

This week we announced the successful closing of the sale of our Georgian operations to our former local partner, delivering proceeds of USD 45 million, equivalent to 3.5 times 2021 EBITDA (pre-IFRS 16). This is another step in strengthening our focus on high-growth markets with a critical mass of users, streamlining our Group operations to create long-term value for customers, partners and shareholders. Beeline Georgia is a leader in terms of 4G penetration and digital services, thanks to its successful execution of VEON's digital operator strategy. The local management team and the new Georgian shareholder are committed to the successful development of the company and to supporting the digital transformation of the country.

Another important focus area for VEON recently has been liquidity management and we have increased our Group's total cash and deposits to approximately USD 2.4 billion, including USD 1.8 billion equivalent of USDand EUR-denominated cash and deposits held by the headquarters in Amsterdam. This was achieved after we further enhanced VEON Group's cash position by increasing our current revolving credit facility utilization to USD 973 million, as announced on 25 May 2022. As stated previously, we do not have any material debt maturing in 2022.

In addition to HQ-level liquidity, the self-sufficient nature of our operating companies in terms of financing was again highlighted recently. Jazz in Pakistan and Banglalink in Bangladesh have successfully raised local longterm funding to cover their spectrum requirements, with 10-year PKR 40 billion (c. USD 222 million) and 5-year BDT 12 billion (c. USD 135 million) loans, respectively. We have also made material progress in the simplification of our capital structure. As communicated on 21 April 2022, a total of RUB 90 billion in loans were novated to PJSC VimpelCom, with the former borrower (VEON Finance Ireland) and the former guarantor (VEON Holdings BV) having been released. This transaction aligned ruble liabilities with ruble revenues and reduced HQ external debt. We are also working on rationalizing VEON Group's ownership structure of Beeline Kazakhstan. The next important step in portfolio management is now the pending completion of the put option for Djezzy in Algeria for USD 682 million, as disclosed in our 1Q22 trading update on 28 April 2022. This will both better streamline our operations and further improve our cash position.

Supporting connectivity across our markets

Today the humanitarian need for connectivity is as important as other basic needs such as food, water, shelter and health care. In fact, connectivity is often a crucial lifeline for each one of us, as we rely on telecommunications networks to secure basic needs, stay connected with loved ones, access reliable information and use key digital services. In Ukraine, the Kyivstar team continues to make an extraordinary effort to keep the networks running despite the damage to towers and power supplies. Since the beginning of the conflict, more than 3,400 repairs of base stations have been performed, and some 26,500 meters of broken fiber-optics have been replaced. More than 90% of Kyivstar's network is still operational. We have added 100 new base stations across the Western part of the country and upgraded hundreds more with the latest technologies to enable uninterrupted communications.

Growth across our footprint driven by the digital operator model

The latest available data shows that our double and multiplay 4G subscribers reached 35% of the Group's monthly active customer base. This supported continued high single-digit local currency year-on-year growth in the Group's service revenues, both in April and May. In Pakistan, Jazz continues to perform strongly, enabled by growth in 4G customer base. As of May, it serves 50% of its customer base with 4G connectivity. With its 4G offering, Jazz continues to lead the market in terms of both revenue and customer base growth. In Bangladesh, our planned additional network coverage is expanding fast. The positive impact of this was already evident in Q1 as Banglalink recorded 8.6% year-on-year revenue growth. This performance has further accelerated: Banglalink's topline grew at a double-digit year-on-year pace in both April and May, driven by the 45% increase in its double and multiplay 4G customers. Beeline Kazakhstan is heading toward its sixth consecutive quarter of double-digit topline growth, powered by the highest customer base 4G penetration among our larger operations. Over 66% of Beeline Kazakhstan's customers are now 4G users, bringing it closer to the 70% 4G penetration ambition th
LINK: https://www.veon.com/media/media-releases/2022/from-veon-ceo-key-devel...
See more stories from vimpel

More from VimpelCom

02/07/2025

VEON Raises USD 200 Million in Private Bond Placement

02 Jul 2025 VEON Raises USD 200 Million in Private Bond Placement Dubai, July 1, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON ), announces ...

18/06/2025

VEON's Kyivstar Advances Direct-to-Cell Services With Starlink Integration and Regulatory Approval for Testing

18 Jun 2025 VEON's Kyivstar Advances Direct-to-Cell Services With Starlink ...

17/06/2025

Omiyinka Doris Chooses to Step Aside from VEON General Counsel Position

17 Jun 2025 Omiyinka Doris Chooses to Step Aside from VEON General Counsel Position Dubai, June 17, 2025: VEON Ltd. (Nasdaq: VEON; the Company or VEON ), a ...

17/06/2025

VEON Appoints Vitaly Shmakov as Acting General Counsel

17 Jun 2025 VEON Appoints Vitaly Shmakov as Acting General Counsel Dubai, June 17, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator ( VEON or the Co...

16/06/2025

VEON Announces USD 35 Million Share Buyback

16 Jun 2025 VEON Announces USD 35 Million Share Buyback Announcement marks the third phase of USD 100 million share buyback program Dubai, June 16, 2025: VEON...

05/06/2025

VEON Progresses in Kyivstar Group's Nasdaq Listing with the Public Filing of Registration Statement on Form F-4

05 Jun 2025 VEON Progresses in Kyivstar Group's Nasdaq Listing with the Pub...

05/06/2025

Kyivstar Group Reports First Quarter 2025 Financial Results in Conjunction with its Nasdaq Listing Process

05 Jun 2025 Kyivstar Group Reports First Quarter 2025 Financial Results in Conj...

03/06/2025

VEON and Engro Corporation Complete Pioneering Infrastructure Partnership in Pakistan

03 Jun 2025 VEON and Engro Corporation Complete Pioneering Infrastructure Partn...

03/06/2025

Empowering Kazakh Students: VEON's Beeline Kazakhstan introduces AI-based Tutor powered by KazLLM

03 Jun 2025 Empowering Kazakh Students: VEON's Beeline Kazakhstan introduce...

23/05/2025

VEON and Engro Corporation Advance to Closing Pioneering Infrastructure Partnership in Pakistan Following Regulatory Approvals

23 May 2025 VEON and Engro Corporation Advance to Closing Pioneering Infrastruc...

20/05/2025

Beeline Uzbekistan Moves its Headquarters to Tashkent's IT Park, Deepening Commitment to Uzbekistan's Digital Future

20 May 2025 Beeline Uzbekistan Moves its Headquarters to Tashkent's IT Park...

15/05/2025

VEON 1Q25 Earnings Release: Strong Start to 2025, Digital Revenues Surge 50%, Driving Growth

15 May 2025 VEON 1Q25 Earnings Release: Strong Start to 2025, Digital Revenues ...

12/05/2025

VEON Joins GSMA Advance's People Excellence Partner Program as Founding Member to Further Professional Skills Development

12 May 2025 VEON Joins GSMA Advance's People Excellence Partner Program as ...

08/05/2025

VEON Shareholders Re-elect Board at 2025 AGM, Founder Augie Fabela to Serve as Chairman

08 May 2025 VEON Shareholders Re-elect Board at 2025 AGM, Founder Augie Fabela ...

07/05/2025

VEON's QazCode Signs MoU with Seekr to Develop AI-Powered Solutions to Drive Digital Growth

07 May 2025 VEON's QazCode Signs MoU with Seekr to Develop AI-Powered Solut...

02/05/2025

VEON to release 1Q25 trading update on May 15, 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

VEON Files its 2024 Annual Report on Form 20-F

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

VEON Publishes 2024 Integrated Annual Report Detailing Commitment to Sustainable Growth and Highlighting Robust Financial Performance

14 Apr 2025 VEON Publishes 2024 Integrated Annual Report Detailing Commitment t...

08/04/2025

VEON Completes Reorganization Ahead of Kyivstar's Planned Nasdaq Listing

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

VEON Announces 2025 AGM and Board Nominees

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

VEON Returns to Capital Markets with Successful Syndication of USD 210 Million Term Loan

27 Mar 2025 VEON Returns to Capital Markets with Successful Syndication of USD ...

26/03/2025

VEON Appoints Anand Ramachandran as Corporate Development Officer

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

VEON and Airspan Sign MoU to Collaborate on Air-to-Land Network Solutions Supporting Ukraine's Resilience

21 Mar 2025 VEON and Airspan Sign MoU to Collaborate on Air-to-Land Network Sol...

20/03/2025

VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital Services Driving Growth

20 Mar 2025 VEON FY24 and 4Q24 Trading Update: Strong Delivery in 2024, Digital...

20/03/2025

VEON to Proceed with USD 35 Million Share Buyback

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

VEON Discloses Selected Key Financial Metrics About Uklon

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

VEON's Kyivstar Expands Digital Portfolio with Acquisition of Uklon, Ukraine's Top Ride-Hailing Business

19 Mar 2025 VEON's Kyivstar Expands Digital Portfolio with Acquisition of U...

18/03/2025

VEON Moves Forward with Kyivstar's Landmark Nasdaq Listing; Signs Definitive Business Combination Agreement with Cohen Circle

18 Mar 2025 VEON Moves Forward with Kyivstar's Landmark Nasdaq Listing; Sig...

17/03/2025

VEON appoints Johan Buse as the Incoming CEO of Banglalink

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

VEON to release 4Q 2024 trading update on 20 March 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

Mobilink Bank Wins GLOMO Award for Invisible Heirs Campaign

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

VEON's Jazz to Deploy 1,000 Solar Sites across Pakistan in collaboration with Huawei

05 Mar 2025 VEON's Jazz to Deploy 1,000 Solar Sites across Pakistan in coll...

04/03/2025

VEON's Beeline Uzbekistan to Deploy Predictive AI for Enhanced Customer Experience

04 Mar 2025 VEON's Beeline Uzbekistan to Deploy Predictive AI for Enhanced ...

26/02/2025

VEON Highlights Role of Investments in Rebuilding Ukraine, Renews Invest in Ukraine, NOW! Call in Kyiv Visit

26 Feb 2025 VEON Highlights Role of Investments in Rebuilding Ukraine, Renews ...

14/02/2025

VEON's Kyivstar and the Come Back Alive Foundation Raise USD 2.6 Million for Demining in Ukraine

14 Feb 2025 VEON's Kyivstar and the Come Back Alive Foundation Raise USD 2....

12/02/2025

VEON's JazzCash and Mobilink Bank Shortlisted for Prestigious GLOMO Awards

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

VEON Gets Unanimous Support from Noteholders Voting in Consent Solicitation to Facilitate Indirect Listing of Kyivstar on Nasdaq

30 Jan 2025 VEON Gets Unanimous Support from Noteholders Voting in Consent Soli...

16/01/2025

VEON Appoints New Members to the Group Executive Committee

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

VEON to List Kyivstar on Nasdaq in New York, Signs Letter of Intent with Cohen Circle

13 Jan 2025 VEON to List Kyivstar on Nasdaq in New York, Signs Letter of Intent...

09/01/2025

VEON appoints Burak Ozer as Group Chief Financial Officer

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

In a Groundbreaking Agreement, VEON and Starlink to Bring Starlink Direct-to-Cell Satellite Connectivity to Kyivstar Customers

30 Dec 2024 In a Groundbreaking Agreement, VEON and Starlink to Bring Starlink ...

19/12/2024

VEON Completes the Move of its Headquarters to Dubai

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

VEON discloses its unaudited interim condensed consolidated financial statements for 3Q and 9M 2024

13 Dec 2024 VEON discloses its unaudited interim condensed consolidated financi...

12/12/2024

Kyivstar and Jazz Secure Double Win for VEON at The World Communication Awards 2024

12 Dec 2024 Kyivstar and Jazz Secure Double Win for VEON at The World Communica...

11/12/2024

Kazakh Language Gets its National LLM with a Groundbreaking Partnership of Kazakh Research Institutions and VEON's QazCode

11 Dec 2024 Kazakh Language Gets its National LLM with a Groundbreaking Partner...

09/12/2024

VEON Approves Launch of the Initial USD 30 Million Phase of its Share Buyback Program

09 Dec 2024 VEON Approves Launch of the Initial USD 30 Million Phase of its Sha...

05/12/2024

VEON and Engro Corp Announce Strategic Partnership for Telecommunications Infrastructure

05 Dec 2024 VEON and Engro Corp Announce Strategic Partnership for Telecommunic...

03/12/2024

In an Open Letter to VEON Investors, VEON Group CEO Welcomes the Unfreezing of VEON's Corporate Rights in Kyivstar

03 Dec 2024 In an Open Letter to VEON Investors, VEON Group CEO Welcomes the Un...