MILAN: Exor, the holding firm of Italy’s Agnelli household, has elevated its stake in Dutch-based cell community operator Veon to five.08% as of March 3, paperwork revealed by the Dutch Authority for Monetary Markets confirmed.
The funding, which is a part of Exor’s non-core buying and selling exercise on fairness, makes it the third-largest shareholder in Veon.
The information was initially reported by Italian every day MF, which mentioned Exor rounded up its holdings firstly of March, passing a 5% threshold and triggering disclosure obligations.
Exor declined to remark.
Veon’s largest shareholder is LetterOne, the funding automobile of Russian billionaire Mikhail Fridman. Fridman stepped down from LetterOne’s board on March 3, following his inclusion on the European Union’s listing of people sanctioned following Moscow’s invasion of Ukraine.
Veon’s CEO Kaan Terzioglu repeated in a letter to buyers on Tuesday that the corporate itself is just not topic to sanctions.
Veon will get 30% of its income from Russia, but additionally operates networks in a number of different international locations, together with Ukraine, the place it operates Kyivstar.
Veon shares have misplaced half their worth since mid-February, when the conflict in Ukraine began, and are down virtually 70% since October.