VEON considering dual listing in the UAE in 3-5 years
By Federico Maccioni
DUBAI
: Nasdaq-listed telecom company
VEON
is considering a dual listing in the United Arab Emirates (UAE) in the next three to five years, its CEO said on Wednesday, after moving its headquarters to Dubai from Amsterdam last year.
VEON is the parent company of Ukraine's
Kyivstar
and Pakistan's Jazz, the two countries' largest mobile operators, respectively.
"We have of course moved our headquarters with all the intentions about the future relevance for these markets," CEO Kaan Terzioglu said during an event in Dubai. "At a certain point I think this (a UAE listing) will be inevitable."
Terzioglu added that investors in the Gulf region had a better understanding of VEON's markets.
VEON is shifting to a "digital operator" strategy, offering financial, healthcare and entertainment services in addition to mobile connectivity. It also operates in Uzbekistan, Kazakhstan, Kyrgyzstan and Bangladesh.
Terzioglu said VEON might also consider initial public offerings (IPO) of its subsidiaries in the UAE along the same timeline.
Kyivstar is already planning a U.S. listing later this year with a pro-forma valuation of $2.21 billion.
Asked whether the company might look to expand to other markets in the Middle East, Terzioglu said that Iraq and Syria would play an important role in the future and that the firm was in talks with investors there.
"I believe, especially the changes in Syria, (with) the new government being in place, basically, the country is reborn. And it perfectly fits into a large population, unmet demand market," he said.
He said, however, that more work was needed in terms of regulations, tax regimes before the company could make a definitive commitment in Syria.
Terzioglu added that VEON, which recently signed an exclusive partnership with Elon Musk's Starlink to develop and provide direct-to-cell connectivity in Ukraine, was in talks with the company over potential partnerships across the other markets where it operates.
VEON is also in talks for partnerships with other satellite companies including ASD and Eutelsat's OneWeb.
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