Amsterdam-based multinational telecoms group VEON yesterday (27 March 2019) confirmed that its minority shareholder Telenor has priced an offering of 100 million common shares in the form of American Depositary Shares (ADS) listed on the NASDAQ Global Select Market at USD2.16 per ADS (a total price of USD216 million). The offering, which represents 5.7% of VEON’s total outstanding equity, follows prior offerings by Telenor in September 2016, April 2017 and September 2017. Following the completion of the offering, Telenor is expected to hold 9.0% of VEON’s total outstanding equity. The offering is expected to close on 29 March 2019.
Note: a release from VEON a day earlier said that Telenor would sell approximately a 4.9% stake, but this percentage was amended upwards.