VEON Invests $600M In Ukraine-Based Kyivstar Unit To Boost Infrastructure

VEON Ltd. VEON plans to invest $600 million in its Ukrainian subsidiary Kyivstar to aid the nation's recovery over the next three years.

The investment will span Kyivstar's infrastructure projects, ensuring essential connectivity and 4G services throughout the country. 

Kyivstar is a telecommunication company in Ukraine, with 24.3 million mobile subscribers and over 1.1 million home internet subscribers. 

"Today's sizeable investment commitment signifies not only a continuation of our track record, but also an acceleration of our investments," said Oleksandr Komarov, CEO of Kyivstar. 

VEON's investment also includes supporting the cybersecurity of Ukraine and defending cyberspace against DDoS, phishing, and malware attacks.

With the expansion of 4G networks, Kyivstar plans to cover 98% of Ukraine's population in 4G in three years, including in small and remote settlements.

"At a time when many others are refraining from making future plans, we proudly commit to 'building back better' in partnership with public sector counterparts and other national and international stakeholders," Komarov added.

Price Action: VEON shares are trading lower by 3.91% to $19.44 on the last check Wednesday.