Company: KYIV
Filing Date: 2025-06-24
Form Type: F-4/A
Source: 0001213900-25-057315
Chunk: 259

Company: Kyivstar Group Ltd.
Filing Date: 2025-06-24
Form: F-4/A
Chunk 259
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 is expensed as incurred. The stock exchange listing expense is further increased for the estimated fair value of the Vesting Securities.

116 In accordance with IFRS2, the difference in the fair value of the consideration ( i.e., shares and warrants issued by Kyivstar Group Ltd.) for the acquisition of Cohen Circle over the fair value of the identifiable net assets of Cohen Circle will represent a service for the listing of Kyivstar Group Ltd. and be recognized as a share -basedpayment expense. The consideration for the acquisition of Cohen Circle was determined using the closing prices of Cohen Circle’s publicly traded Cohen Circle Class A Ordinary Shares and the Public Warrants traded on Nasdaq under the ticker symbols “CCIR” and “CCIRW”, respectively, each as of May19, 2025. Accordingly, the combined financial statements of VEON Holdings B.V. will become the historical financial statements of Kyivstar Group Ltd.; the assets, liabilities, and results of operations of Cohen Circle will be consolidated with Kyivstar Group Ltd. beginning on the day of Closing. For accounting purposes, the financial statements of Kyivstar Group Ltd. will represent a continuation of the combined financial statements of VEON Holdings prior to the Business Combination and will be presented as those of VEON Holdings in future reports of Kyivstar Group Ltd. Any subscription agreements related to a PIPE Investment, which, if applicable, would be expected to be executed prior to the Closing and would be expected to close concurrently with the Closing, will result in the issuance of Kyivstar Group Ltd. Common Shares, leading to an increase in subscribed capital and capital reserves. As of the date of this proxy statement/prospectus, no amounts have been committed under any PIPE Investment. 117

Pro Forma Condensed Combined Statement of Financial Position as of March 31, 2025 (Unaudited)

| USD in millions*                                           |     |      VEON 
  Holdings 
        BV 
 (Kyivstar 
 business) 
    (IFRS) |      |     |       Cohen Circle 
         Historical 
        (after IFRS 
        adjustments 
      and alignment 
 reclassifications) 
             (IFRS) |   |     | Kyivstar    
 Group Ltd.  
 (IFRS)      |     | Scenario 1 Assuming 
      No Redemptions |      |     |               |     |        |             |     | Scenario 2 Assuming 
     50% Redemptions |      |     |               |