Telecoms group VEON to move headquarters to Dubai after Amsterdam delisting
By Gianluca Lo Nostro
Oct 14 (Reuters) -VEON VON.AS, the owner of Ukraine's leading mobile operator Kyivstar, said on Monday that it plans to move its group headquarters from the Netherlands to the United Arab Emirates, in an attempt to boost visibility among Gulf investors.
WHY IT'S IMPORTANT
After its delisting from Amsterdam, VEON will complete its relocation from the Netherlands - where it moved in 2010 - to Dubai by the end of the second quarter of 2025.
According to data compiled by LSEG, the telecoms group would become the largest Nasdaq-listed company headquartered in Dubai.
Unlike its European peers, VEON has been targeting other markets where 4G penetration is still relatively low, prioritising 4G networks over 5G expansion, and offering additional digital services for healthcare and banking.
In August, the company said it will delist from Euronext Amsterdam by the end of the year to cut costs, viewing New York as the "best fit" venue for global tech businesses.
KEY QUOTES
"Our decision to relocate VEON's headquarters to Dubai reflects the strategic realignment of our focus with closer proximity to our key markets," Group CEO Kaan Terzioglu said in a statement.
A spokesperson for the company told Reuters it would make more sense to have certain headquarter staff with Opco-facing functions closer to the markets in which it operates.
He added that all of the current Amsterdam employees will receive transition offers.
CONTEXT
VEON operates in six countries under its telecoms and fintech brands, with Pakistan being the group's largest market after it sold its Russian business in 2023.
In Ukraine, which accounts for almost a third of the company's core profit, VEON has pledged to invest $1 billion in digital infrastructure.
Banglalink, VEON's Bangladeshi unit, is also seeking to expand its customer base, encouraged by the prospect of regulatory reforms.
Reporting by Gianluca Lo Nostro; Editing by Sherry Jacob-Phillips
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
