VEON successfully repatriates USD 200 million from Uzbekistan

Via Veon

Dec 22, 2017

Amsterdam, 22 December 2017 - VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a leading global provider of connectivity and internet services headquartered in Amsterdam and serving more than 235 million customers, announces that its subsidiary PJSC VimpelCom has successfully repatriated a net amount of approximately USD 200 million from its wholly owned Uzbekistan subsidiary, LLC Unitel (“Unitel”).

Trond Westlie, Chief Financial Officer of VEON, commented:

“The repatriation of cash from Uzbekistan for the first time is an important milestone for VEON, further enhancing the cash upstreaming capability of the Group and allowing Unitel to honor its global payment obligations necessary for ongoing operations. Our Uzbekistan operation has reported encouraging results in local currency this year and we remain committed to the business and further investments in the country.”

The currency conversion to USD 200 million resulted in a foreign currency exchange loss of approximately USD 49 million, which will be recorded as a finance cost in the 2017 Income Statement of the company.

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