VEON To Buy Back $35 Mln ADSs In Third Phase Of Program; Stock Rises In Pre-market

(RTTNews) - Veon Ltd. (VEON), a Dubai -based digital operator, announced Monday that it will shortly commence the third phase of its previously announced share buyback program, for up to $35 million.

The company had announced a share buyback program of up to $100 million in August, 2024.

The second phase was completed on May 21. The two earlier phases of the program have resulted in the repurchase of 1.43 million American Depositary Shares or ADSs at an average repurchase price of $45.59 per ADS.

With the buyback program, VEON said it aims to optimize shareholder value and strengthen its financial position for future opportunities.

The buybacks will be conducted on the open market.

Further, VEON said it is considering options to raise external financing through a sub-benchmark private placement of bonds, with a tenor of up to around four years, aiming to support its strategic initiatives and enhancing its financial flexibility.

In the pre-market activity on the Nasdaq, VEON shares were gaining around 4 percent to trade at $39.80, after losing around 19% on Friday's regular trading.