VEON Ltd. (VEON) gained in the pre-market after announcing the resignation of Mr. Fridman, the director of BoD. VEON values at $0.42, gaining more than 10.53% compared to yesterday’s closing price. The stock closed at $0.38 at the end of the last trading session. The stock volume traded in the previous trading session was around 10.82 million shares. The current market cap of the company is about $1.11 billion.
VEON: Resignation of the Director of Board of Director
The company announced a recent change in the managerial position today. The company announced in a press release that Mr. Fridman has decided to resign from his position as a director of the VEON Board of Directors, effective February 28, 2022. The news is followed by the recent announcement of its fourth-quarter results, which was an incredible quarter.
VEON: Q4 Key Highlights
The company reported revenue of $2.05 billion compared to the revenue of $1.82 billion. The increase is around 11.1% YoY.
The company reported a net income of $801 million in Q4 compared to the net loss of $315 million in the same period last year. The positive change in profitability in the trailing twelve months is phenomenal.
The announcement recently showed its intention to shift its parent company group to the U.K. The company also announced its Russian Beeline mobile operator collaboration with Yandex.
VTB Bank told the firm on February 17, 2022, that its subsidiary had entered into a seven-year RUB 30 billion (up to $400 million) loan with the bank. VEON Holdings B.V is guaranteeing the loan.
Conclusion
VEON Ltd. (VEON) is amongst Ukraine’s most extensive mobile networks. The current emergency in Ukraine has caused businesses to halt. VEON has been severely affected by the Russian invasion like other companies in Ukraine. Its stock was already down due to the hit by the pandemic. The current uncertain situation has escalated the decline in the stock, despite reporting a robust financial statement for the fourth quarter of fiscal 2021.
