#Letter #VEON #CEO #stakeholders
Dear VEON Stakeholder,
I am writing to you to provide an update on our strategic progress and the latest achievements in several key areas of importance for VEON Group. In addition, you will likely have seen that today VEON Ltd. invited holders of VEON Holdings B.V.’s 2023 Notes to contact VEON Ltd. with a view to shortly commencing discussions in relation to the 2023 Notes.
Our primary aim is to achieve a liquidity and capital structure that ensures the Group’s long-term financial stability and puts VEON in the best position to deliver growth in the years ahead.
Since my last letter, we have seen a continued increase in 4G users, and we reported double-digit local currency revenue growth across five of our seven markets for 8M 2022. VEON is well positioned to continue its strategy of developing our digital operator business in our high-growth markets (Pakistan, Bangladesh, Kazakhstan, Uzbekistan and Kyrgyzstan), and we plan to advance these investments in the coming years.
Liquidity update
Over the past seven months VEON Group has successfully strengthened its HQ liquidity position, and this will remain a key priority going forward. In addition, our operating companies continue to be self-sufficient in their financing needs. Most recently, in August, we announced the completion of the sale of our Algerian operator Djezzy to our regional partner FNI, delivering proceeds of USD 682 million. Following the sale of Djezzy, our total cash position stands at USD 3.2 billion, including USD 2.5 billion held at the HQ level as of 7 October 2022.
We have also made good progress on our strategy to optimize the Group capital structure for the longer-term, taking into consideration the challenges that we face in the current environment. Today we invited our 2023 noteholders to contact VEON Ltd. in order to engage in discussions with these noteholders, with the aim to maintain a stable capital structure in the…
