VEON Ltd. (NASDAQ: VEON) saw its shares lose ground early Tuesday. The company, a global digital operator that provides converged connectivity and online services, announced that it has submitted all necessary documentation to Euroclear, Clearstream and registrars for cancellation of VEON’s Eurobonds held by its subsidiary, PJSC VimpelCom.
According to the terms of the VEON Bonds, the registrar is required to cancel the VEON Bonds purchased by a subsidiary of VEON and surrendered to the registrar for cancellation. Both conditions to cancellation have now been met.
VEON is a global digital operator that currently provides converged connectivity and online services to over 160 million customers in 6 dynamic markets. We are transforming people’s lives, empowering individuals, creating opportunities for greater digital inclusion and driving economic growth across countries that are home to more than 7% of the world’s population.
CEO Kaan Terzioglu said: “The cancellation of VEON’s Eurobonds will pave the way for VEON to exit Russia in a way that we believe to be the optimal outcome for all our stakeholders – including our investors, creditors, customers and employees. This cancellation is a non-cash transaction necessary for our timely exit from Russia; and protects VEON and its investors from a risk of double payments in the future. We look forward to the completion of this cancellation, a milestone in the closing of the sale of VEON’s Russia operations.”
VEON shares fell 24 cents, or 12.2%, to $19.20.