Core Points - VEON Ltd. and Kyivstar are collaborating with Ukraine's Ministry of Digital Transformation to develop Ukraine's first national large language model (LLM) trained on Ukrainian-language data, with a commitment to invest USD 1 billion in rebuilding Ukraine's digital infrastructure from 2023 to 2027 [1][5][6] Group 1: Project Overview - The LLM will utilize open-source architectures and be trained exclusively on Ukrainian data sources, capturing various dialects, terminology, history, and cultural context [2] - The project aims to securely store and process sensitive national data within Ukraine, which is essential for sectors like government, defense, healthcare, and financial services [2][3] Group 2: Applications and Benefits - The LLM will serve as a foundation for AI-powered products and services, including legal and regulatory analysis tools, and specialized applications in education, finance, and health [3][4] - The model is expected to provide more accurate and relevant insights for Ukrainian users compared to general-purpose global models [3] Group 3: Strategic Importance - The initiative is seen as a significant step towards building a sovereign and culturally relevant AI ecosystem that supports economic growth and enhances the lives of Ukrainians [5] - The development aligns with VEON's broader strategy to address the AI language gap for underrepresented languages in its markets, as demonstrated by similar initiatives in Kazakhstan and Pakistan [5]

Core Viewpoint - VEON Ltd. has appointed Vitaly Shmakov as the Acting General Counsel, effective July 1, 2025, highlighting the company's commitment to internal talent development and strategic growth initiatives [1][3]. Group 1: Appointment Details - Vitaly Shmakov is currently the Group Director of M&A and Strategic Transactions at VEON and has been with the company since 2016, holding various legal roles [2]. - His previous experience includes being a Senior Associate for M&A and Corporate Law at Ashurst LLP in London, and he holds multiple LL.M degrees and is pursuing an Executive MBA [2]. Group 2: Leadership and Strategy - The appointment of Shmakov is seen as a strategic move to lead the legal team and support VEON's transformative initiatives, including the planned listing of Kyivstar on the Nasdaq Stock Market [3][4]. - Shmakov's nearly 20 years of experience in M&A and corporate law, along with his significant contributions to VEON's development, position him as a strong candidate for this role [4]. Group 3: Company Overview - VEON is a digital operator serving nearly 160 million customers across six countries, representing over 7% of the global population, and is focused on technology-driven services that promote economic growth [5].

Core Viewpoint - VEON Ltd. announces the resignation of Omiyinka Doris as Group General Counsel effective July 1, 2025, while she will continue as a strategic advisor to the Group CEO [1][2]. Group 1: Leadership Transition - Omiyinka Doris has been with VEON for a decade, serving in various roles including Deputy General Counsel and Acting Group General Counsel before becoming the Group General Counsel [2]. - Doris played a crucial role in navigating VEON through significant geopolitical changes and was instrumental in key strategic initiatives such as the exit from Russia and bond restructurings [2][5]. - The leadership transition is seen as a pivotal moment for VEON, with both the Chairman and CEO acknowledging Doris's contributions to the company's transformation and legal framework [5]. Group 2: Achievements and Contributions - Under Doris's leadership, VEON executed numerous strategic initiatives, including consolidating trading on Nasdaq and relocating the headquarters from Amsterdam to Dubai [2]. - Doris was recognized by the Financial Times in 2024 as one of the world's top 15 in-house legal leaders, highlighting her impact in the legal field [4]. - She has transformed the legal and compliance teams at VEON, fostering collaboration and establishing an Ethics and Compliance Centre of Excellence in Dubai [3]. Group 3: Company Overview - VEON is a Nasdaq-listed digital operator serving nearly 160 million customers across six countries, representing over 7% of the global population [6]. - The company focuses on technology-driven services that empower individuals and stimulate economic growth [6].

Core Viewpoint - VEON Ltd. is initiating the third phase of its share buyback program, amounting to up to USD 35 million, following the successful completion of the second phase [1][2][3] Share Buyback Program - The second phase of the buyback program was completed on May 21, 2025, resulting in the repurchase of 1.43 million American Depositary Shares (ADSs) at an average price of USD 45.59 per ADS [2] - The total share buyback program announced on August 1, 2024, is valued at up to USD 100 million [2][3] - The company believes its ADSs are undervalued compared to its operational performance and strategic potential, aiming to optimize shareholder value through this buyback [3] Financial Strategy - VEON is exploring options for raising external financing through a private placement of bonds with a tenor of up to approximately four years, aimed at supporting strategic initiatives and enhancing financial flexibility [4] - Discussions with potential institutional investors are ongoing as part of the company's capital planning efforts [4] Company Overview - VEON operates as a digital operator providing connectivity and digital services to nearly 160 million customers across six countries, representing over 7% of the global population [5]

Core Insights - Kyivstar Group reported strong financial results for Q1 2025, with total operating revenue reaching USD 255 million, a 37.1% increase year-on-year in USD terms and 49.6% in local currency [2][5][6] - The company achieved a profit of USD 44 million for the period, reflecting a 22.2% year-on-year increase in USD and a 33.7% increase in local currency terms, resulting in a profit margin of 17.3% [2][5][6] - Adjusted EBITDA for Q1 2025 was USD 140 million, up 50.5% year-on-year in USD and 64.6% in local currency, with an adjusted EBITDA margin of 54.9% [2][5][6] Financial Performance - Total operating revenue for Q1 2025 was USD 255 million, up 37.1% year-on-year in USD and 49.6% in local currency [2][5][6] - Profit for the period amounted to USD 44 million, a 22.2% increase year-on-year in USD and 33.7% in local currency [2][5][6] - Adjusted EBITDA reached USD 140 million, representing a 50.5% year-on-year increase in USD and 64.6% in local currency [2][5][6] Customer Growth - The Multiplay customer base increased by 40.7% year-on-year to 6.1 million, representing 29.5% of one-month-active mobile customers [6] - Total digital monthly active users across Kyivstar Group's digital applications reached 10.3 million in Q1 2025, up 32.9% from 7.7 million a year earlier [6] Strategic Initiatives - The company completed the acquisition of Uklon, a leading ride-hailing business, for approximately USD 155.2 million and increased its stake in Helsi, Ukraine's largest digital health platform, from 69.99% to 97.99% [5][14] - Kyivstar Group is progressing towards a listing on the Nasdaq Stock Market, with a registration statement filed in conjunction with a business combination with Cohen Circle [8][10]

Core Points - VEON Ltd. has filed a registration statement with the SEC for the listing of Kyivstar Group on Nasdaq, marking a significant step in its plans to bring a leading Ukrainian digital operator to U.S. markets [1][2][3] - The business combination with Cohen Circle Acquisition Corp. I is expected to close in the third quarter of 2025, pending shareholder approval and customary conditions [5] - Kyivstar Group will be the only pure-play Ukrainian investment opportunity on U.S. stock markets, with its common shares and warrants to be listed under the ticker symbols "KYIV" and "KYIVW" [2][3] Company Overview - VEON is a global digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that promote economic growth [6] - Cohen Circle Acquisition Corp. I is a special purpose acquisition company formed to merge with technology and financial services businesses [7] Market Implications - The listing of Kyivstar Group on Nasdaq is anticipated to provide U.S. and global investors with a compelling opportunity to invest in Ukraine's economic growth and resilience [3][4] - The transaction is expected to enhance the visibility and accessibility of Kyivstar Group's success story to a broader investor base [4]

Group 1 - VEON Ltd. has launched "AI Tutor," an AI-powered learning assistant aimed at enhancing the learning experience in the Kazakh language for both children and adults, marking a significant step towards digital inclusion in Kazakhstan [1][4] - AI Tutor is integrated into Beeline Kazakhstan's super-app Janymda and utilizes the KazLLM large language model, offering six gamified learning modules focused on Kazakh language learning, with plans to expand into other subjects [2][3] - The KazLLM model was developed in collaboration with the Institute of Smart Systems and Artificial Intelligence and launched in December 2024, with Janymda reaching 4.9 million monthly active users as of April 2025 [3] Group 2 - The CEO of VEON Group emphasized that augmented intelligence can revolutionize education and make learning more accessible, particularly for Kazakh speakers, through the integration of AI Tutor into a leading digital platform [4] - QazCode's CEO highlighted that AI Tutor personalizes the learning experience for users, making Kazakh language and culture more accessible, and represents a significant advancement in addressing real human needs through technology [5] - QazCode, a major software development company in Kazakhstan, has developed various AI products, including the Kaz-RoBERTA conversational model, and collaborates with international institutions to enhance its capabilities in developing language models for low-resource languages [5][7] Group 3 - Beeline Kazakhstan serves 11 million mobile customers and 2 million fixed internet customers, having developed a digital ecosystem of 60 products since 2018 [6] - QazCode employs 750 people and specializes in creating private large language models, data security, and IT outsourcing services [7] - VEON operates across six countries, providing digital services to nearly 160 million customers, and is listed on NASDAQ [8]

Core Insights - VEON Ltd. has successfully closed a partnership with Engro Corporation for the pooling and management of telecommunications infrastructure assets in Pakistan, marking a significant step in its asset-light strategy [1][3][4] Group 1: Partnership Details - The infrastructure assets of VEON, managed under Deodar (Private) Limited, have been transferred to Engro Connect, a subsidiary of Engro Corp, while VEON's digital operator Jazz will lease these assets for mobile voice and data services [2][4] - The partnership was completed at an enterprise value of USD 562.7 million, with regulatory approvals obtained in May 2025 [4] Group 2: Strategic Implications - This partnership allows Jazz to accelerate its transformation into a services company, expanding its digital portfolio to include financial services, entertainment, healthcare, and enterprise services [3] - The collaboration aims to strengthen Pakistan's digital economy, reflecting the visionary approach of Pakistani authorities that facilitated the partnership [3] Group 3: Company Profiles - VEON operates across six countries, serving nearly 160 million customers and focusing on technology-driven services that promote economic growth [5] - Jazz, as Pakistan's leading digital operator, has over 71.5 million cellular subscribers and offers a wide range of digital services, including JazzCash, Garaj, and Tamasha [6] - Engro Corporation is a diversified conglomerate in Pakistan, involved in various sectors including telecommunications infrastructure, and has established partnerships with global entities [7]

Core Insights - VEON Ltd. has secured all regulatory approvals for its strategic partnership with Engro Corporation Limited to manage telecommunications infrastructure assets in Pakistan, enhancing digital investments in the country [1][2] - The partnership involves transferring VEON's infrastructure assets to Engro Connect, a subsidiary of Engro Corp, through a scheme of arrangement, expected to be completed in June [2] - This agreement is anticipated to accelerate Jazz's transformation into an asset-light services company, promoting growth for both Jazz and Engro Corp while supporting Pakistan's digital transformation [3][4] Financial Details - Engro will pay Jazz approximately USD 188 million and guarantee the repayment of Deodar's intercompany debt amounting to USD 375 million [6] Company Profiles - VEON is a Nasdaq-listed digital operator serving nearly 160 million customers across six countries, focusing on technology-driven services that empower individuals and stimulate economic growth [7] - Jazz, as Pakistan's leading digital operator, has over 71.5 million cellular subscribers and offers a wide range of digital services, including JazzCash and Tamasha [8] - Engro Corporation is a diversified conglomerate in Pakistan, involved in various sectors including telecommunications infrastructure, and aims to address pressing issues through its business portfolio [9]

Core Insights - VEON Ltd. has opened a new headquarters for Beeline Uzbekistan in Tashkent IT Park, housing around 2,000 employees and various digital service teams [1][2][4] - The relocation signifies VEON's commitment to investing in Uzbekistan's digital future and enhancing the provision of digital services in Central Asia [2][5] Company Developments - Beeline Uzbekistan serves 8.2 million customers with mobile connectivity and has 7.6 million total monthly active users across its digital services [6] - The digital portfolio includes financial services application BeePul, streaming application Kinom, and super-app Hambi, showcasing a diverse range of offerings [6] - Beeline Uzbekistan reported 9.5 million monthly active digital users in Q1 2025, indicating strong demand for its digital services [4] Industry Context - Uzbekistan is positioning itself as a regional digital hub through its Digital Uzbekistan 2030 strategy, aiming to create a thriving digital economy [3] - The government welcomes partnerships with companies like VEON to support innovation and attract global investment [3] - VEON has been investing in Uzbekistan's telecommunications and digital infrastructure since 2006, expanding its services beyond traditional connectivity [5]