AMSTERDAM, March 15, 2022 /PRNewswire/ -- VEON Ltd. (NASDAQ:
VEON) (Euronext Amsterdam: VEON), a leading global provider of
connectivity and internet services, has today, given the recent
market volatility, provided our investors and partners with an
update on our business setting out how we are successfully
navigating through the current turbulence.
In the update, VEON's Chief Executive Officer Kaan Terzioğlu comments on the following
points:
"Strong liquidity profile
Our business is strong, and we are well placed to weather the
current storm.
The credit rating agencies define our liquidity margin as strong
(Fitch) and sound (S&P). At the end of February 2022, VEON had USD 2.1 billion in cash and deposits, of which
USD 1.5 billion at headquarters, held
with international banks from the European Union, the United States and Japan. On top of that, VEON has a USD 1.25 billion committed revolving credit
facility available to it (of which USD 820
million remains undrawn) from a group of diversified lenders
headquartered in the United
States, Europe and
Asia.
On 1 March 2022, VEON repaid
USD 417 million of maturing bonds,
and on 9 March 2022 it pre-paid and
closed a RUB 30 billion
(approximately USD 259 million)
interest-bearing loan with VTB Bank. Following this payment to VTB,
VEON has no further loans outstanding with VTB. VEON has no
additional debt maturities at its HQ level for the rest of
2022.
We will of course continue to maintain financial discipline,
underpinned by our strong liquidity position and our resilient
operating profile.
VEON is a global telecoms operator
We are proud to provide to our 218 million customers
connectivity and digital services. These are essential for a
combined population of 680 million in the nine countries where we
operate.
We continue to execute on our Digital Operator strategy across
our markets, pursuing all growth opportunities enabled by our
Digital Products portfolio.
VEON shares are listed on NASDAQ in New York and EuroNext in Amsterdam. Our
company is run by a diverse and international management team, with
oversight from an independent Board of Directors. We have a
globally diverse investor base, comprising of shareholders from
around the world, and with no single controlling shareholder. VEON
employs more than 60,000 people worldwide.
Confident legal position
I want to be absolutely clear: VEON is not the subject of any
sanctions imposed by the European Union, the United States or the United Kingdom, and our counterparties'
ability to continue to do business with us has not been impacted by
these measures.
We have received numerous questions regarding sanctions against
a former director and indirect shareholders of VEON, so let me also
address that particular concern.
Following the imposition of sanctions on Mikhail Fridman and Petr
Aven on 28 February 2022 by
the Council of Europe, Mr. Fridman
has resigned from his position as a member of the Board of VEON.
Mr. Fridman and Mr. Aven have also resigned from their positions as
members of the Boards of Directors of LetterOne Investment Holdings
S.A., LetterOne Holdings S.A. and LetterOne Core Investments
S.a.r.l. ("LetterOne").
Furthermore, I would underscore that LetterOne does not have a
controlling shareholding stake in VEON—neither as a matter of
governance nor as the concept of "control" as interpreted under
applicable law.
Protecting our employees and customers
We have been taking specific actions and will be doing all that
is in our power to protect the safety of our employees and their
families affected by the conflict. We continue contributing to
humanitarian support across all our countries. And our technology
is more relevant and necessary to our customers than ever before,
ensuring continued connectivity, access to information, and it is
also being used to help millions of displaced people and locate
missing persons."
Committed to further engagement with our stakeholders
In closing, VEON's Chief Executive Officer Kaan Terzioğlu notes, "Continued engagement
with our stakeholders is more important than ever. We deeply value
our relationship, and we will continue to maintain an open
dialogue, providing you with timely, accurate and relevant
information about VEON's strategy, plans and performance".
Disclaimer
This press 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, expectations regarding the sufficiency of VEON's liquidity
to meet its obligations, the impact of further sanctions imposed by
the European Union, the United
States or the United
Kingdom, the safety of our employees and customers, and
continued engagement with our stakeholders. 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 even 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 date or to reflect the
occurrence of unanticipated events.
About VEON
VEON is a NASDAQ and Euronext Amsterdam-listed global provider
of connectivity and internet services. For more information
visit: www.veon.com
Contact Information
VEON
Investor Relations
Nik Kershaw
ir@veon.com
+31 20 79 77 200
View original
content:https://www.prnewswire.com/news-releases/veon-ceo-letter-to-investors-and-partners-301502574.html
SOURCE VEON Ltd