Company: KYIV
Filing Date: 2025-12-09
Form Type: F-1/A
Source: 0001213900-25-119722
Chunk: 373

Company: Kyivstar Group Ltd.
Filing Date: 2025-12-09
Form: F-1/A
Chunk 373
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 respectively, was primarily driven by a number of non -deductibleexpenses of US$3, change in deferred tax assets recognition of US$12 and a reversal of $1 in non taxable income. Global Minimum Tax The Group is in scope of the enacted Pillar Two legislation and has performed an assessment of the Group’s exposure to Pillar Two income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country -by-countryreporting and financial statements for the constituent entities in the Group. Based on the assessment, the Pillar Two effective tax rates in the majority of jurisdictions in which the Group operates are above 15%. The Group has applied the IAS 12 exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. INVESTING ACTIVITIES OF THE GROUP 4SIGNIFICANT TRANSACTIONS During the six-month period ended June 30, 2025 Acquisition of Uklon On March 19, 2025, JSC Kyivstar signed an agreement to acquire Uklon Group, a leading Ukrainian ride -hailingand delivery platform. This strategic acquisition marks Kyivstar’s expansion into a new area of digital consumer services in line with VEON’s digital operator strategy. Kyivstar acquired 97% of Uklon Group shares for a total consideration of US$158 upon the closing of the transaction. The agreement was subject to customary closing conditions and approvals that were obtained on April 2, 2025, the date the acquisition was completed.

F-104

VEON Holdings B.V.Notes to the interim condensed combined financial statements
(in millions of U.S. dollars unless otherwise stated) 4SIGNIFICANT TRANSACTIONS (cont.) The fair values of identifiable assets and liabilities of Uklon at the date of acquisition were:

|                                       |     | April 2, 
     2025 |   |
|:--------------------------------------|:----|---------:|:--|
| Non-current assets                    |     |          |   |
| Intangible assets                     |     |       56 |   |
| Current assets                        |     |          |   |
| Trade and other receivables           |     |        2 |   |
| Cash and cash equivalents             |     |       12 |   |
| Non-current liabilities               |     |          |   |
| Deferred tax liability                |     |       (8 | ) |
| Current liabilities                   |