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VEON's stock extends bounce after repayment of loans with Russia-based VTB Bank

Shares of VEON Ltd. (VEON) jumped 8.6% in premarket trading Friday, after the Netherlands-based internet services provider said its subsidiary prepaid its RUB30 billion ($259 million) loan with VTB Bank PJSC , leaving VEON with no further outstanding loans with VTB. VEON's stock had been hit hard by the sanctions imposed on Russia after the country's invasion of Ukraine, as it generated nearly half of its revenue from Russia, according to FactSet data, and given its exposure to VTB, which was one of the Russia-based banks that had been sanctioned. The company said Friday the repayment and cancellation of the facility was in compliance with applicable sanctions. VEON's stock had plunged 78.9% since the invasion started through March 3 record-low close of 26 cents, but had bounce 38.5% since then through Thursday. The stock has shed 79.1% year to date through Thursday, while the S&P 500 has lost 10.6%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

03-11-22 0634ET

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