Telecom operator VEON looking for sale of Russian operations By Reuters

(Reuters) – Veon Ltd, the Dutch-based operator of telecommunications networks, stated on Wednesday it was looking for the sale of its Russian operations, which make up greater than half of its revenues and earnings.

The corporate stated it was conducting a “aggressive gross sales course of” for the enterprise, which operates underneath the Beeline model.

“There might be no assurance that the gross sales course of talked about above will lead to a suitable provide or, even when a suitable provide is obtained and ends in an acquisition settlement being reached, that the requisite approvals can be acquired,” the corporate stated in a press release.

Veon’s shares have traded close to document lows since tumbling after Russia despatched its armed forces into Ukraine in February.

Since then, scores of overseas corporations have sought to cut back publicity to Russia and paused or terminated operations there.

Veon’s place is tough because it additionally has important operations in Ukraine, the place it has struggled to maintain its Kyivstar arm working all through the battle.

CEO Kaan Terzioglu informed Reuters in March he hoped the corporate can be allowed to proceed working in each markets and spared nationalization on humanitarian grounds, as a vital service.

The corporate stated on Wednesday it hoped to dealer the very best final result for the corporate, shareholders, collectors, clients and workers “each inside and out of doors Russia.”

Beeline had earnings earlier than curiosity taxes, depreciation and amortization (EBITDA) of 20 billion roubles ($325 million) by the primary eight months of 2022.

Russian media reported final month Veon was contemplating a sale of Beeline however Veon declined remark on the time.

Veon is because of report third quarter earnings Thursday, Nov. 3.