VEON Boosts Buyback and Speeds Up Share Cancellations
VEON sits 67% above its 52-week low of $42.6.
Summary
VEON is increasing its share-buyback program to $200 million and accelerating share cancellations, signaling management's confidence in the company's cash generation and undervaluation. The buyback represents approximately 3.9% of outstanding shares. The stock is trading near its 52-week high, and this capital return move could provide further support. This follows a strong Q2 with digital revenue up 53.6% YoY and a director's open-market purchase in August.
At the time of this announcement, VEON was trading at $70.99 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $42.60 to $71.10. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.