VEON Welcomes Unfreezing of its Corporate Rights in Kyivstar

Amsterdam, Dubai and Kyiv: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Company”), is pleased to announce that the Shevchenkivskyi District Court of Kyiv has ruled in favor of a request to unfreeze 47.85% of VEON’s corporate rights in Kyivstar and 100% of VEON’s corporate rights in its other Ukrainian subsidiaries (Ukraine Tower Company, Kyvistar Tech and Helsi). The decision fully removes the restrictions on VEON’s corporate rights imposed by the Ukrainian courts on our wholly owned subsidiary Kyivstar and our other Ukrainian subsidiaries.

“As a Nasdaq-listed company, we warmly welcome today’s ruling on behalf of all our stakeholders. By fostering a secure and transparent environment for foreign direct investment, Ukraine is positioning itself as a beacon for international business, and inspires further confidence among current and potential investors. As an American-founded company with strong U.S. ties and a long history of commitment to Ukraine, VEON looks forward to deepening our partnerships and contributing to Ukraine’s resilience and recovery,” said Augie K Fabela II, Chairman of the Board and American Founder of VEON.

“Today’s decision demonstrates Ukraine’s commitment to upholding the rule of law and fostering an environment supportive to business. This ruling sends a strong message to the international community, including VEON’s own investors, that investing in Ukraine is the right thing to do. We would like to thank the Ukrainian authorities for a continued open and transparent communication. We are excited to continue exploring the ways in which VEON can play a greater role in bringing international and local investors into Kyivstar, in line with VEON’s previously disclosed strategic direction for value creation in our digital operators,” said Kaan Terzioglu, Group CEO of VEON.

“Today’s decision allows us focus on our plans to increase energy resilience, expand 4G coverage and develop digital services in Ukraine with greater confidence. With our 4000-strong team and the support of our parent company VEON, we are honored to play a key role in Ukraine’s resilience, and have done so with more vigor than ever since the onset of the war. Our partnership with the Ukrainian government, international and local businesses and with the people of Ukraine will now only accelerate, supporting the reconstruction of our country,” said Oleksandr Komarov, CEO of Kyivstar.

Kyivstar, with VEON’s full support, has been a pillar of Ukraine’s resilience, and VEON has made investing in Ukraine a key part of its mission. Having invested more than USD 10 billion in the country's economy since Kyivstar joined the VEON Group, VEON committed to invest USD 1 billion to rebuild Ukraine’s digital infrastructure through 2027, and has called on other international investors to “Invest in Ukraine, Now!”. Kyivstar’s most recent investments include the spectrum acquisition during the auction held on 19 November 2024 and the ongoing expansion of the energy resilience of the Kyivstar network in order to keep the country connected.

VEON is the 100% owner of Kyivstar, which continues to serve the country and its customers in line with the national security priorities of Ukraine. Kyivstar has been named one of the top 5 investors in Ukraine by Forbes Ukraine and New Voice of Ukraine, making VEON the largest international investor into the country in 2022 and 2023.