11:20 AM EST, 12/09/2024 (MT Newswires) -- VEON (VEON) said Monday it has launched the first phase of its share buyback program, with a goal of repurchasing up to $30 million in American Depositary Shares.

This first phase is part of a broader $100 million buyback program, set to be carried out on the open market via a 10b5-1 plan with a registered broker-dealer, the company said.

The buyback seeks to enhance shareholder value and strengthen VEON's financial position, the company said, adding that the timing and details of subsequent phases will be influenced by liquidity, market conditions, and legal requirements.

Shares of VEON were up 0.7% in recent Monday trading.

Price: 34.99, Change: +0.25, Percent Change: +0.72