VEON, a global digital operator, has announced that its Board of Directors has approved the commencement of the first phase of its previously announced share buyback program for the Company’s American Depositary Shares (ADS). This initial phase will involve buybacks of up to $30 million.
This $30 million initiative is part of a larger plan to execute a share buyback program of up to $100 million. The buybacks will take place on the open market under a 10b5-1 plan signed with a registered broker-dealer and in compliance with Rule 10b-18 regulations.
VEON aims to optimize shareholder value through this buyback program, citing the belief that its ADSs are undervalued relative to its operational performance and strategic potential. The initiative reflects the Company’s commitment to strengthening its financial position and capitalizing on future opportunities.
As noted in VEON’s earlier statement on August 1, 2024, the decisions regarding the timing and specifics of the buybacks will depend on liquidity considerations, market conditions, legal requirements, and other relevant factors. These considerations were integral to the approval of the first $30 million phase, with subsequent phases expected to proceed similarly, up to the authorized $100 million amount.
Kaan Terzioglu, CEO of VEON Group
Our decision to initiate this share buyback program reflects the confidence we have in VEON’s growth trajectory and the value it delivers to shareholders. This program underscores our commitment to delivering long-term value while maintaining a disciplined approach to capital allocation.