Company: KYIV
Filing Date: 2025-07-10
Form Type: F-4/A
Source: 0001213900-25-062760
Chunk: 319

Company: Kyivstar Group Ltd.
Filing Date: 2025-07-10
Form: F-4/A
Chunk 319
---
star, Kyivstar.Tech and Helsi Ukraine. Subsequently, on November 29, 2024 the Shevchenkivskiyi District Court of Kyiv ruled in favor of the request to unfreeze 47.85% of VEON’s corporate rights in Kyivstar, 100% of VEON’s corporate rights in its “other Ukrainian subsidiaries”: Ukraine Tower Company, Kyivstar.Tech and Helsi (for which 69.99% was frozen by the Ukrainian courts). The decision fully removed the restrictions on VEON’s corporate rights imposed by the Ukrainian courts on us and Ukraine Tower Company. Blocking of Voting Rights of VEON in Kyivstar In April 2024, the Ukrainian custodian of VEON’s shares in Kyivstar marked all VEON’s shares (including ones which were not subject to the freezing order) as non -voting. Although no sufficient explanation has been provided by the custodian, it is understood that there were two reasons for the action: (a) the freezing order (which is now lifted); and (b) sanctioned individual(s) being ultimate beneficiaries of Kyivstar or indirect owners of significant shareholdings in Kyivstar. The issue is ongoing as of the date of this proxy statement/prospectus. 159 KYIVSTAR MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPE RATIONS The following discussion and analysis of Kyivstar’s financial condition and results of operations should be read together with the combined financial statements and the related notes of VEON Holdings B.V., appearing elsewhere in this proxy statement/prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this proxy statement/prospectus, including information with respect to Kyivstar’s plans, objectives, expectations, projections, and strategy for its business, includes forward -looking statements that involve risks, uncertainties and assumptions. As a result of many factors, including those set forth under the “Risk Factors” section and elsewhere in this proxy statement/prospectus, Kyivstar’s actual results could differ materially from the results described in or implied by these forward -looking statements contained in the following discussion and analysis. Please also see the section entitled “Cautionary Note Regarding Forward -Looking Statements.” All references in this section to “we,” “us,” “our,” or “Kyivstar” refer VEON Holdings B.V. and its subsidiaries, including JSC Kyivstar, which are presented in