Veon entered the final stages of the sale of its Russian operations after submitting necessary documentation to cancel bonds owned by subsidiary PJSC Vimpelcom, paving the way for its exit from the country to be completed.
The operator stated it had met the conditions to terminate the bonds held by PJSC Vimpelcom by notifying financial services companies Euroclear and Clearstream, which specialise in the settlement of securities transactions, as well as the original registrars.
Veon announced the sale of its Russia subsidiary in November 2022 and edged closer to completing the exit after receiving the nod from authorities in the US, UK and Bermuda earlier this month, as well as Russian regulators in February.
It is selling the business in a deal worth RUB130 billion ($1.6 billion) to the local management team of PJSC VimpelCom, in a move that sees it cut ties with the county following the invasion of Ukraine.
On the latest step, CEO Kaan Terzioglu said the cancellation of the Eurobonds was “a non-cash transaction necessary for our timely exit from Russia”.
He added it also protects Veon and investors from a risk of double payments in the future.