VEON Consolidates Trading on Nasdaq
VEON Ltd., a prominent global digital operator, has made a significant announcement regarding its trading strategy. The company has moved to consolidate its share trading exclusively on the Nasdaq Capital Market in New York. This strategic shift aims to enhance trading liquidity while simplifying the reporting requirements for VEON.
Changes to Share Trading
As of now, VEON's common shares are no longer listed or traded on Euronext Amsterdam, with all public trading migrated to Nasdaq. This decision marks a pivotal milestone in VEON's capital markets journey, enabling it to offer investors a unique opportunity to engage with the company as it operates across dynamic frontier markets. The shift to exclusive trading on Nasdaq is part of VEON's initiative to increase the accessibility of its growth story to both current and potential investors.
CEO's Perspective on the Move
Kaan Terzioglu, the Group CEO of VEON, commented on this new chapter for the company. He noted that being a US-listed entity opens up further growth opportunities and fosters greater engagement with a broader investor base. This strategic direction aligns with VEON's commitment to improving investor relations while highlighting its presence in vital regions.
The Move to Dubai Headquarters
In conjunction with this trading strategy, VEON announced its decision to relocate its Group headquarters to Dubai. This move aims to bring the company closer to its key markets in Central and South Asia, while also increasing its visibility among Gulf investors. Once completed, VEON will be the largest Nasdaq-listed company with headquarters in Dubai, reinforcing its commitment to a global operational strategy.
American Depositary Shares (ADSs)
For those who hold VEON Common Shares on Euronext Amsterdam and are interested in converting to American Depositary Shares (ADSs)—which represent 25 common shares—it is notable that VEON will absorb the ADS issuance fees until a specified date. This initiative ensures that shareholders can seamlessly transition and benefit from the new trading environment without incurring additional costs.
About VEON and Its Operations
VEON operates as a leading digital operator, providing converged connectivity and digital services to nearly 160 million customers across six countries, which together represent more than 7% of the global population. The company's mission involves transforming lives through technology-driven services, thereby empowering individuals and fostering economic growth. This commitment to innovation and user-centric services remains at the core of VEON's business strategy.
Contact Information for Investors
For additional inquiries or information about VEON’s operations and investment opportunities, interested parties can reach out to:
Hande Asik
Group Director of Strategy and Communication
Email: pr@veon.com
Faisal Ghori
Group Director of Investor Relations
Email: ir@veon.com
Frequently Asked Questions
What prompted VEON to move trading exclusively to Nasdaq?
The consolidation aims to enhance trading liquidity and simplify reporting requirements for investors.
How will the change affect existing shareholders?
Existing shareholders on Euronext Amsterdam can convert their shares to American Depositary Shares at no added cost until a specified date.
What are American Depositary Shares (ADSs)?
ADSs represent shares traded in foreign companies, allowing investors to trade those shares on U.S. exchanges.
Why is the new headquarters in Dubai significant?
Moving to Dubai places VEON closer to its Central and South Asian markets and improves visibility among Gulf investors.
How does VEON's business impact its customers?
VEON provides essential digital services that enhance connectivity and empower individuals, contributing to economic growth in its operational regions.
