Veon says considering letter from investor Shah Capital

Veon (VEON) acknowledges the receipt of a letter from Shah Capital, a shareholder holding approximately 7% of the company’s shares. “The letter, which outlines Shah Capital’s views on Veon’s current valuation and suggests a seven-step strategic roadmap to enhance shareholder value, has been reviewed by Veon’s Board of Directors and the Management team. Veon thanks Shah Capital for their continued support and feedback; and welcomes the opportunity to address the issues highlighted in the Shah Letter, initially with a response from Veon Board to Shah Capital shared earlier today, and also in the longer term through continued communication,” the company said in a statement. “We are carefully considering the recommendations in the Shah Letter, which include suggestions on capital returns, improving market valuation, leveraging VEON’s strengths in emerging markets and further enhancing communication with the investment community,” it added.