Veon to exit Algerian market with disposal of Djezzy stake
02-07-2021 08:05:00 | by: Pascaline Icyizere | hits: 2650 | Tags:

VEON Ltd. a leading global provider of connectivity and internet services, announces that it has exercised its put option to sell the entirety of its 45.57% stake in its Algerian subsidiary, Omnium Telecom Algérie SpA to the Algerian National Investment Fund, Fonds National d’Investissement (FNI).  

This has been done by exercising the put option to sell the 45.57 percent holding owned via Algerian subsidiary Omnium Telecom Algerie, which trades as Djezzy.

The exercise of the option initiates a process under which a third-party valuation is undertaken to determine the fair market value at which the transfer shall take place.  This important step will further streamline VEON’s operations, allowing for an improved focus on our core markets.