VEON Ltd. (NASDAQ: VEON) is planning to shift its group parent company to the United Kingdom, with the launch of a newly established UK incorporated the public limited company as the top holding company of the VEON Group. There are chances that the newly-launched company will replace VEON Ltd. as the VEON Group’s ultimate parent company by way of a Bermuda court-approved scheme of arrangement.
VEON Ltd. has decided to call a public meeting of its shareholders to obtain their agreement for the planned move, and it plans to apply to the Bermuda Supreme Court for permission of a scheme of arrangement. VEON does not anticipate any major changes to its financial operations or day-to-day operations as a result of these adjustments.
Furthermore, the plan would relocate the company from Bermuda to the United Kingdom, putting it in a jurisdiction with excellent corporate governance requirements and a strong and transparent legal framework that is near to its operational base in Amsterdam. Additionally, the new decision will allow VEON and its operating subsidiaries to function more effectively across their markets, putting the VEON Group in the best possible position for the future.
VEON Chairman disclosed that as VEON continues to change its Group governance, creating a new group parent company in the United Kingdom is another significant step ahead. Given the multinational nature of VEON and the current atmosphere of tighter regulatory standards around the world, this is especially relevant.