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>.
