Beneficial Ownership Report · SCHEDULE 13G
VEON Ltd.
Beneficial Ownership Report
Structured filing — SCHEDULE 13G
primary_doc.xml
Subject company
- Company
- VEON Ltd.
- Company CIK
- 0001468091
- Street
- INDEX TOWER (EAST TOWER)
- Street (continued)
- UNIT 1703
- City
- DUBAI (DIFC)
- State / country code
- C0
- Postal code
- 00000
Statement details
- Security class
- American Depositary Shares, or ADS each representing one common share
- Event date
- 10/16/2026
- Rule designation
- Rule 13d-1(c)
Reporting person 1
- Name
- Shah Capital Management
- Citizenship / organization
- NC
- Reporting person type
- IA
- Aggregate amount owned
- 4,575,667.00
- Percent of class
- 6.65
- Sole voting power
- 0.00
- Shared voting power
- 4,575,667.00
- Sole dispositive power
- 0.00
- Shared dispositive power
- 4,575,667.00
- Aggregate excludes certain shares
- N
Reporting person 2
- Name
- Shah Capital Fund LLC
- Citizenship / organization
- DE
- Reporting person type
- PN
- Aggregate amount owned
- 2,790,960.00
- Percent of class
- 4.06
- Sole voting power
- 0.00
- Shared voting power
- 2,790,960.00
- Sole dispositive power
- 0.00
- Shared dispositive power
- 2,790,960.00
- Aggregate excludes certain shares
- N
Reporting person 3
- Name
- Himanshu H. Shah
- Citizenship / organization
- X1
- Reporting person type
- IN
- Aggregate amount owned
- 4,620,275.00
- Percent of class
- 6.72
- Sole voting power
- 44,608.00
- Shared voting power
- 4,575,667.00
- Sole dispositive power
- 44,608.00
- Shared dispositive power
- 4,575,667.00
- Aggregate excludes certain shares
- N
Item 1
Issuer
VEON Ltd.
Principal executive office address
INDEX TOWER (EAST TOWER), UNIT 1703, DUBAI, UNITED ARAB EMIRATES
Item 2
Citizenship
Shah Capital is a North Carolina corporation. Shah Fund is a Delaware limited liability company. Mr. Shah is a citizen of the United States of America.
Filing person
(i) Shah Capital Management, Inc. ("Shah Capital"), a North Carolina corporation, who serves as the investment adviser to Shah Capital Fund (as defined below); (ii) Shah Capital Fund ("Shah Fund"), a Delaware limited liability company; and (iii) Himanshu H. Shah ("Mr. Shah"), who serves as President and Chief Investment Officer of Shah Capital. Shah Capital, Shah Fund and Mr. Shah are referred to collectively as the "Reporting Persons."
Principal business or residence address
The address of the principal business and principal office of each of the Reporting Persons is: 2301 Sugar Bush Road, Suite 510 Raleigh, North Carolina 27612
Item 3
Not applicable indication
N
Type of filing person
IA
Item 4
Percent of class
(i) Shah Capital: 6.65% (ii) Shah Fund: 4.06% (iii) Mr. Shah: 6.72%
Amount beneficially owned
(i) Shah Capital: 4,575,667 (ii) Shah Fund: 2,790,960 (iii) Mr. Shah: 4,620,275
Sole voting power
(i) Shah Capital: 0 (ii) Shah Fund: 0 (ii) Mr. Shah: 44,608
Shared voting power
(i) Shah Capital: 4,575,667 (ii) Shah Fund: 2,790,960 (ii) Mr. Shah: 4,575,667
Sole dispositive power
(i) Shah Capital: 0 (ii) Shah Fund: 0 (ii) Mr. Shah: 44,608
Shared dispositive power
(i) Shah Capital: 4,575,667 (ii) Shah Fund: 2,790,960 (ii) Mr. Shah: 4,575,667
Item 5
Not applicable indication
Y
Item 6
Not applicable indication
Y
Item 7
Not applicable indication
Y
Item 8
Not applicable indication
Y
Item 9
Not applicable indication
Y
Item 10
Not applicable indication
N
Certifications
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
Signature 1
- Reporting person
- Shah Capital Management
- Signed
- /s/ Himanshu H. Shah
- Title
- Himanshu H. Shah, President and Chief Investment Officer
- Date
- 10/16/2026
Signature 2
- Reporting person
- Shah Capital Fund LLC
- Signed
- /s/ Himanshu H. Shah
- Title
- Himanshu H. Shah, Managing Member
- Date
- 10/16/2026
Signature 3
- Reporting person
- Himanshu H. Shah
- Signed
- /s/ Himanshu H. Shah
- Title
- Himanshu H. Shah
- Date
- 10/16/2026
Company context
VEON is a digital operator that provides connectivity and digital services to over 150 million connectivity customers and more than 228 million digital users. Operating across five countries that are home to more than 6% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth. AI1440 is VEON’s group-wide strategy to embed artificial intelligence across its operations and consumer and enterprise offerings, augmenting human capabilities and creating economic value throughout its markets. The name reflects VEON’s ambition to apply AI throughout all 1,440 minutes of the day.