Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 472

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 472
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 voice and data connectivity. On December 19, 2023, VEON announced that Kyivstar had restored services in all categories of its communication services, with F-32 VEON Holdings B.V.
GENERAL INFORMATION ABOUT THE GROUP (cont.) 1GENERAL INFORMATION (cont.) mobile voice and internet, fixed connectivity, SMS and MyKyivstar self -careapplication active and available across Ukraine. We have incurred and will continue to incur additional expenditures to maintain and repair our mobile and fixed -linetelecommunications infrastructure as a result of any damage inflicted on our infrastructure due to the ongoing war, as well as for security, increased energy costs, and related operational and capital expenditures. In addition, our ability to provide services may be impaired if we are unable to maintain key personnel within Ukraine and/or our infrastructure is significantly damaged or destroyed. In response to the events in Ukraine, the United States, European Union (and individual EU member states) and, the United Kingdom, as well as other countries have imposed wide -rangingeconomic sanctions and trade restrictions which have targeted individuals and entities as well as large aspects of the Russian economy, including freezing the assets of Russia’s central bank, other Russian financial institutions, and individuals, removing selected Russian banks from the Swift banking system, and curbing certain products exported to Russia. Ukraine has also implemented and may implement further sanctions or measures on individuals or entities with close ties with Russia, which may impact negatively Kyivstar if VEON is considered by the local Ukrainian authorities as being a company controlled by sanctioned persons. In October 2023, VEON received notification from its local custodian that the following percentages of the “corporate rights” of its Ukrainian subsidiaries had been frozen: (i) 47.85% of Kyivstar, (ii) 100% of Kyivstar.Tech, and (iii) 69.99% of Helsi Ukraine. On November 29, 2024, the Shevchenkivskyi District Court of Kyiv ruled in favor of a request to unfreeze 47.85% of VEON’s corporate rights in Kyivstar, 100% of VEON’s corporate rights in Kyivstar.Tech and 69.99% in Helsi Ukraine. The decision fully removed the restrictions on VEON’s corporate rights imposed by the Ukrainian courts on our subsidiary Kyivstar and other Ukrainian subsidiaries. Restrictions applicable in Ukraine to all foreign -ownedcompanies have already led to restrictions on the upstreaming of dividends from Ky