Telecommunications holding Veon has announced its intention to voluntarily exit the Euronext Amsterdam exchange and also to repurchase its American depositary shares (ADS) in the amount of up to $100 million, according to a press release from Veon. Censor.net writes about this.
►Subscribe to the “Minfina” page on Facebook: main financial news
Delisting
At the same time, the company's shares will remain in circulation on the American Nasdaq stock exchange.
Veon explains that the delisting of shares on the Euronext Amsterdam stock exchange and their sole listing on Nasdaq will simplify and optimize reporting requirements
The process of delisting shares from the European stock exchange is expected to take place in the fourth quarter of 2024, following the presentation of the annual report.
“The delisting will be in the interests of the company as a whole, including its current and potential investors,” the statement said.
Kyivstar and Russian billionaire Fridman
The Veon Group owns a number of mobile operators in various countries around the world, including Kyivstar in Ukraine and Beeline in Russia. The holding’s largest shareholder is the Russian billionaire co-founder Alfa Group, led by Mikhail Fridman.
Fridman owns approximately 38% of LetterOne, which owns 48% of the Bermuda-based Veon Ltd. The latter is the owner of the Dutch Veon Amsterdam BV, which in turn owns the Dutch Veon Holdings B V., which includes Kyivstar.
- Shares (securities) Stock market