VEON (VEON) Stock: Why The Price Increased Today

By Amit Chowdhry ● Mar 7, 2022
  • The VEON Ltd. (NASDAQ: VEON) stock increased by over 13% pre-market today. This is why.

The VEON Ltd. (NASDAQ: VEON) – a leading global provider of connectivity and internet services – stock increased by over 13% pre-market today. And the company stock price increased by 52.09% in the most recent trading session.

Investors have been responding positively to a recent announcement from the company. Recent developments concluded that VEON is not subject to European Union (EU) sanctions as a result of the sanctions imposed by the EU on Mikhail Fridman and Peter Aven on February 28, 2022, by the EU.

Here is what VEON wrote in a recent press release:

As disclosed in our 20-F filing on 15 March 2021, VEON has no ultimate controlling shareholder. As also disclosed in public filings, L1T VIP Holdings S.à r.l. (“LetterOne”) holds 47.85% of common and voting shares. Messrs. Fridman and Aven, hold in the aggregate a less than 50% interest in the LetterOne group, the ultimate shareholding entity of LetterOne and both have stepped down from the LetterOne group board. All of VEON’s shareholders have identical voting rights. None have ‘special’ voting rights (either through the bye-laws or as a matter of agreement between VEON and any shareholder).

As per public filings, there are no agreements in place between LetterOne and any other shareholders relating to the voting of VEON shares, and neither Mr. Fridman nor Mr. Aven directly or indirectly own any voting interests in VEON shares or ADSs outside of their interest in LetterOne.

As disclosed on 1 March 2022, Mr. Fridman stepped down as a director of VEON effective 28 February 2022. Mr. Aven is not a director of VEON or of any company within its Group.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.