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VEON Ltd. (VEON) Stock Taking Solid Steps Ahead after Nose-diving on Thursday

VEON Ltd. (VEON), a company that provides mobile and fixed-line telecommunications services, has surged 19.43% in aftermarket trading session. Consequently, the stock was trading at $0.31 when last checked. During Thursday’s regular trading session, the stock plummeted by 41.19% and closed the day at $0.26. The surge in aftermarket could be attributed to the accolade for the company.

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Accolade for VEON

On Thursday, VEON announced that it had been named as the best operator service for connected consumers at the Global Mobile Awards 2022. The award was presented for its MobileID Service. The MobileID was developed via utilizing the GSMA’s universal identity service, namely Mobile Connect. The service offers consumers a streamlined customer authentication experience.

Liquidity Position

On Wednesday, VEON provided an update regarding its liquidity position. The company said that on the 27th of February 2021, it had $2.1 billion in terms of cash and cash equivalents. They included $1.5 billion of USD and EUR denominated cash and cash deposits which were held at headquarter of the company. Alongside, the company also had $1.25 billion in terms of revolving credit facility from its lenders across the globe on the said date.

Resignation of Mikhail Fridman

On Tuesday, VEON reported that Russian Oligarch, Mikhail Fridman, has resigned as the director of the company’s Board of Directors. His resignation became effective on the 28th of February 2022. Sources reveal that his resignation has come in the wake of current geopolitical tension between Russia and Ukraine.

What’s Ahead for VEON?

Looking ahead, analysts are of the view that VEON stock holds several negative technical signals at this time. Hence, the stock is expected to perform weakly during the next couple of weeks. Investors should make a prudent decision regarding investment in VEON stock.

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