Equity Investors
VEON Ltd. Ownership Structure, as of 31 December 2024
(after completing delisting from Euronext Amsterdam on 25 November 2024)
Shareholder
Effective American Depository Shares (ADS), total
% of Common and Voting ADS
Total ADS in issue (1)
73,967,627
100.0%
Letterone Investment Holdings S.A.
33,625,000
45.5%
The Stichting (2)
5,837,902
7.9%
Lingotto Investment Management LLP
5,740,438
7.8%
Shah Capital Management Inc. (3)
4,943,890
6.7%
Source: public US SEC filings
Certain figures and percentages that appear in this table have been subject to rounding adjustments. As a result, certain numerical figures shown as totals may not be exact arithmetic aggregations of the figures that precede or follow them.
(1) For more information please refer to VEON Form 20-F
(2) The Stichting Administratiekantoor Mobile Telecommunications Investor
(3) Includes 0.06% interest held by Himanshu Shah
31 Mar 2025
Notice of the 2025 Annual General Meeting of Shareholders of VEON Ltd.
11 Nov 2024
Notice of Special General Meeting of Shareholders for the laying of the 2023 Audited Financials
25 Apr 2024
Notice of the 2024 Annual General Meeting of Shareholders of VEON Ltd.
23 May 2023
Notice of the 2023 Annual General meeting of shareholders of VEON Ltd.
25 May 2022
Notice of the 2022 Annual General meeting of shareholders of VEON Ltd.
24 May 2021
Notice of the 2021 Annual General meeting of shareholders of VEON Ltd.
Dividend history
No dividends paid for
2022
No dividends paid for
2021
No dividends paid for
2020
$489.8 mln paid in dividends for
2019
$487 mln paid in dividends for
2018
$472 mln paid in dividends for
2017
$404 mln paid in dividends for
2016
$60.5 mln paid in dividends in
2015
$60.5 mln paid in dividends in
2014
$1.4 bln paid in extraordinary dividends in
2013
$1.3 bln paid in dividends for
2012
$1.3 bln paid in dividends for
2011
$1.1 bln paid in dividends for
2010
$323 mln paid in dividends for
2009
$588 mln paid in dividends for
2007
$332 mln paid in dividends for
2006
Share Buyback Program
VEON is committed to a disciplined capital allocation strategy that prioritizes sustainable growth and the optimization of shareholder value.
On November 10, 2025, the VEON Board of Directors authorized a buyback program of up to USD 100 million. Reflecting a balanced approach to capital structure management, this program provides the flexibility to repurchase either:
- American Depositary Shares (ADSs) on the open market.
- Outstanding debt securities (bonds) to capture market discounts and reduce future interest obligations.
The final allocation between equity and debt is determined by prevailing market conditions and liquidity considerations.
Program History & Progress
Since the initiation of our strategic repurchase efforts in August 2024, VEON has executed the program in distinct phases to ensure market stability and capital efficiency.
- 2024–2025 Multi-Phase Program:
- Phase 1: Successfully completed on January 27, 2025 (USD 30 million).
- Phase 2: Successfully completed on May 21, 2025 (USD 35 million).
- Phase 3: Successfully completed on August 1, 2025 (USD 35 million).
- During these phases, the Company repurchased 2.15 million ADSs at an average price of $46.48 per ADS.
Note to Investors: The timing and actual number of ADSs or bonds repurchased depend on a variety of factors, including price, corporate and regulatory requirements, and overall market conditions. The program does not obligate the Company to acquire any specific amount of securities and may be suspended or discontinued at any time.
All repurchases are conducted in compliance with SEC Rule 10b-18 and through a structured 10b5-1 trading plan with a registered broker-dealer. This ensures that buybacks are executed systematically, regardless of non-public information or internal "blackout" periods.
Tranche
Period
ADRs Repurchased
Total Volume Traded
% of Total Volume
Average Price ($)
Buyback Phase 1
10/12/2024 to 27/01/2025
694,816
4,100,091
16.9%
43.18
Buyback Phase 2
25/03/2025 to 21/05/2025
732,015
7,396,972
9.9%
47.81
Buyback Phase 3
17/06/2025 to 01/08/2025
722,588
6,604,215
10.9%
48.4
Total
10/12/2024 to 01/08/2025
2,149,419
18,101,278
11.9%
46.48