VEON Ltd (NASDAQ: VEON), a global digital operator, saw its stock soar 5.16% in the pre-market session on Friday, following a positive ruling from a Ukrainian court regarding its corporate rights in the country's leading mobile operator, Kyivstar.
The Shevchenkivskyi District Court of Kyiv lifted a partial seizure of VEON's 47.85% corporate rights in Kyivstar and its other Ukrainian subsidiaries. The seizure, imposed in October 2023 due to sanctions against Russian oligarchs previously involved with VEON's major shareholder, had cast an "unnecessary shadow on investments" in Ukraine, according to VEON's CEO.
With the court ruling, VEON can now focus on its plans to increase energy resilience, expand 4G coverage, and develop digital services in Ukraine. The company has committed to investing $1 billion to rebuild Ukraine's digital infrastructure through 2027, showcasing its dedication to the country's recovery and resilience.
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