Business

VEON Elects New Members to Board; There’s Little Friction in the Market

VEON Ltd (NASDAQ: VEON) closed at $1.67 on Friday. The stock was up 0.60% in the pre-market, with the average day range being $1.64 – $1.69. Veon has a market capitalization of 3.05B USD. The connectivity and internet services provider announced recently that it had elected new members to its Board. On June 10, the company held its annual general meeting, and a new election was decided in the meeting. 

Three new members elected

The company said that its shareholders unanimously elected three new members to the Board: Sergi Herrero, Irene Shvakman, and Vasily Sidorov. Sergi Herrero, at present, also serves as the company’s co-CEO. He is expected to step down from this position in June. Nine of the former directors have also been elected to serve on the company’s Board. 

Additionally, shareholders have given their nod to the company’s previous independent auditor, PricewaterhouseCoopers Accountants NV. Meanwhile, Veon has also adopted Restated and Amended Bye-laws of the company. 

At the annual shareholders’ meeting, the attendance was around 99.30%. VEON trades on the NASDAQ market along with Euronext Amsterdam. It is known as the global service provider for Internet and connectivity services. 

Q1-21 financial health of VEON

The company generated $1.99B of revenue in its first-quarter financial report, down 5.15% from a year before. Additionally, the net income came in at $130.00M, which was up 20.37% compared with the corresponding period a year before. VEON booked a net profit margin of 6.54%, reflecting a 26.99% increase from a year before. The company’s operating income came in at $388.00M for the first quarter, which was down 6.05% from a year before. VEON had a $1.19B cash on hand at the end of the first quarter, i.e., March 31, 2021. Its cost of revenue dropped 0.64% from Q1-2020 and came in at $467.00M. 

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