PSRC approved alienation of shares of "VEON Armenia" in favor of  "VEON Armenia Holdings B.V."

ArmInfo.The Public Services Regulatory Commission (PSRC), at a meeting convened on August 22, considering the appeal of VEON Armenia CJSC, having discussed in  advance a question with the Transport and Communications Ministry,  decided to approve the alienation of VIMPELCOM's 100% stake in VEON  Armenia in favor of VEON Armenia Holdings B.V. ".

PSRC explains that as a result of this transaction the actual owner  does not change, as "VEON Armenia Holdings B.V." belongs in turn to  the company VIMPELCOM. The PSRC report notes that the transaction is  related to internal structural changes in the companies of the VEON  group.

More details on the decision of the PSRC are available on the  Commission's official website at www.psrc.am. To recall, VEON Ltd. -  the leading provider of communications and Internet services, in July  2018 announced plans to further simplify the Group's operating model.  The Group undertook a major review of the principles of governance  and establishment of an effective Headquarters structure in order to  support operating companies in emerging markets. To strengthen the  focus of VEON on emerging markets, the Company decided to create a  simplified horizontal structure in which all VEON operating companies  will be subordinated to the Chief Operating Officer of the Group.  VEON will continue its work on creating a simplified structure of  Headquarters with a clear distribution of responsibility zones. This  work is still underway, as VEON is in the transition phase to a more  efficient operating model. "We are creating a new, simpler structure  that will help our operating companies provide better services to  customers and bring even greater value for shareholders," said Ursula  Burns, Executive Chairman of VEON. VEON Ltd. (shares of VEON Ltd. are  quoted on the NASDAQ and Euronext Amsterdam exchanges) is a global  provider of communications, with the desire to be the first in  personal Internet services for more than 240 million customers that  the company serves at the moment.

<VEON Armenia> CJSC (Beeline trademark) is a part of VEON, one of the  world's largest integrated telecommunications services operators.  VEON includes communication companies providing voice communication  and data transfer services on the basis of a wide range of wireless  and fixed communications, as well as broadband Internet access. The  company has more than 200 million subscribers in Russia, Italy,  Ukraine, Kazakhstan, Uzbekistan, Armenia, Georgia, Kyrgyzstan, Laos,  Algeria, Bangladesh and Pakistan. VEON provides services under the  brands "Beeline", "Kyivstar>, <Wind>, <Mobilink>, <Banglalink> and  <Djezzy>.