VEON - Why Veon Stock Blasted 10% Higher on Wednesday
Russia and Central Asia-focused telecom Veon (NASDAQ: VEON) had some excellent regulatory news to impart on Wednesday, and as a result, its U.S.-listed shares popped by 10%. The company is now free to pull the lever on a massive divestment, a situation that investors found extremely encouraging.
That morning, Veon announced in a press release that on Tuesday, it obtained approval from Russian regulators to sell its operations in that country.
Specifically, the Sub-Commission of the Government Commission for Control over Foreign Investments has turned on the green light for Veon's proposed sale to senior members of the management of a related entity, PJSC VimpelCom. The name VimpelCom, incidentally, was a previous moniker for Veon.
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Why Veon Stock Blasted 10% Higher on Wednesday