VEON (VEON) Stock: Why It Increased Today

By Amit Chowdhry ● Sep 26, 2022
  • The stock price of VEON Ltd. (NASDAQ: VEON) slightly increased pre-market today. This is why.

The stock price of VEON Ltd. (NASDAQ: VEON) slightly increased pre-market today (up over 0.2%).

Why: VEON announced that Banglalink, its operating company in Bangladesh, is launching next-generation 4G networks nationwide across Bangladesh to provide high-quality connectivity to accelerate the use of digital services. And the new mobile network is being rolled out over the next few months and will typically double internet speeds once available. With 92.8% of internet users in Bangladesh relying on 4G to access digital services, the availability of high-speed, high-quality digital connectivity through Banglalink will benefit the economic development of Bangladesh.

The new Banglalink 4G network uses the 2.3 GHz spectrum it procured when it doubled its spectrum allocation in April 2022, employs the latest Time Division Duplex (TDD) technology, and involved the deployment of 3,000 new base stations to provide a total of 14,000 sites across the country.  And Banglalink is the first mobile operator in Bangladesh to deploy the next-generation TDD technology, and the network is being systematically rolled out across the country over the next few months and is being launched in Khulna, which is Bangladesh’s third largest city.  The TDD network will improve the speed and availability of digital communications across Bangladesh while providing higher connection quality for users of Banglalink’s health, education, and entertainment digital services.

KEY QUOTES:

“Bangladesh is one of the world’s fastest-growing economies and needs a fast high-quality network to support its rapid economic development. Banglalink’s next generation 4G network typically doubles internet speeds and will enable superior digital services.  This will help our customers in their personal and professional lives, benefit the country of Bangladesh by boosting the economy, and reinforce Banglalink’s position as the leading digital communications services provider in Bangladesh.”

— Kaan Terzioglu, CEO of VEON

“Banglalink is proud to uphold the VEON commitment of providing first-rate digital services to its customers across Bangladesh. Being the first Bangladeshi operator to implement next generation 4G demonstrates the shared aspirations of VEON and Banglalink to ensure we provide customers with faster internet and quality digital experiences.”

— Erik Aas, CEO of Banglalink