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    Nick Paton • Edison Group

    Nick Paton's questions to VEON Ltd (VEON) leadership

    Nick Paton's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Nick Paton of Edison Group inquired about the technical process for upstreaming proceeds from the Engro tower sale in Pakistan and the expected financial impact of the Kyivstar SPAC listing on Q3 results.

    Answer

    Group CFO Burak Ozer explained that the Engro cash would be upstreamed via dividends over 20 months. Group CEO Kaan Terzioğlu and CFO Burak Ozer clarified that the Kyivstar SPAC transaction, combined with the Kyrgyzstan sale, is expected to result in a non-cash P&L charge of $150-$200 million in Q3, with the final amount depending on the closing share price.

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    Nick Paton's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Nick Paton of Edison Group inquired about the technical details of two financial events: how proceeds from the Engro tower sale in Pakistan will be upstreamed to the parent company, and the expected financial statement impact of the Kyivstar SPAC listing in Q3.

    Answer

    Group CFO Burak Ozer explained that the Engro cash will be upstreamed via dividends over 20 months, though funds may be used in-country if needed. He added that the SPAC's P&L impact depends on the closing stock price. Group CEO Kaan Terzioğlu clarified that the Kyivstar listing combined with the Kyrgyzstan sale is expected to result in a non-cash charge of $150-200 million in Q3, with a net positive effect on equity.

    Ask Fintool Equity Research AI

    Nick Paton's questions to VEON Ltd (VEON) leadership • Q2 2025

    Question

    Nick Paton of Edison Group inquired about the technical process for upstreaming proceeds from the Engro tower sale in Pakistan and the expected financial impact of the Kyivstar SPAC listing in Q3.

    Answer

    Group CFO Burak Ozer explained that the Engro cash proceeds would be upstreamed to the holding company via dividends over 20 months, though funds could be used in-country for debt repayment or M&A. Regarding the SPAC, CEO Kaan Terzioğlu and CFO Burak Ozer stated it would likely result in a non-cash P&L charge of $150-200 million in Q3, with the final amount depending on the closing share price, but would have a net positive impact on equity.

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