# EDGAR Filing Document

**Accession Number:** 0002063940
**File Stem:** 0001213900-25-062762
**Filing Date:** 2025-7
**Character Count:** 7135
**Document Hash:** 5433f0eee016e13062c4a9464e8bcb45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-062762.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001213900-25-062762

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250710

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kyivstar Group Ltd.
- **CENTRAL INDEX KEY:** 0002062440
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 517, LEVEL 5, INDEX TOWER, DIFC
- **STREET 2:** (DUBAI INTERNATIONAL FINANCIAL CENTER)
- **CITY:** DUBAI
- **PROVINCE COUNTRY:** C0
- **BUSINESS PHONE:** 380672207271

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** UNIT 517, LEVEL 5, INDEX TOWER, DIFC
- **STREET 2:** (DUBAI INTERNATIONAL FINANCIAL CENTER)
- **CITY:** DUBAI
- **PROVINCE COUNTRY:** C0
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VEON Holdings B.V.
- **CENTRAL INDEX KEY:** 0002063940
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO TELEPHONE COMMUNICATIONS [4812]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CLAUDE DEBUSSYLAAN 88
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1082
- **BUSINESS PHONE:** 31 20 797 7200

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CLAUDE DEBUSSYLAAN 88
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1082 MD

**Kyivstar Group Ltd.**

**Index Tower (East Tower)**

**Unit 1703**

**Dubai (DIFC)**

**United Arab Emirates**

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| | |
|:---|:---|
|  | July 10, 2025 |
| **VIA EDGAR** |  |

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| | |
|:---|:---|
| Securities and Exchange Commission<br> Division of Corporation Finance<br> Office of Technology 100 F Street, N.E.s <br> Washington, D.C. 20549 | Securities and Exchange Commission<br> Division of Corporation Finance<br> Office of Technology 100 F Street, N.E.s <br> Washington, D.C. 20549 |
| Attention: | Aliya Ishmukhamedova <br> Matthew Derby <br> Melissa Kindelan <br> Kathleen Collins |

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|:---|:---|
| **Re:** | **Kyivstar Group Ltd.** **Amendment No. 1 to Registration Statement on Form F-4** <br> **Filed June 24, 2025**<br> **File No. 333-287802**<br> **CIK: 0002062440** |

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Ladies and Gentlemen:

Kyivstar Group Ltd. ("**Kyivstar**") and VEON Holdings B.V. ("**VEON Holdings**") (Kyivstar and VEON Holdings, collectively, the "**Registrants**") submit this letter in response to comments of the staff (the "**Staff**") of the Office of Technology, Division of Corporation Finance of the Securities and Exchange Commission (the "**Commission**") contained in its letter dated July 3, 2025 (the "**Comment Letter**"), relating to the above-referenced Amendment No. 1 to the Registration Statement on Form F-4 (the "**Registration Statement**").

In order to facilitate your review, we have restated the Staff's comments in this letter as set forth in the Comment Letter, and we have set forth the Registrants' responses immediately below the Staff's comments.

The Registrants have revised the Registration Statement in response to the Staff's comments and are submitting an Amendment No. 2 to the Registration Statement ("**Amendment No. 2**") concurrently with this letter, which reflects the revisions and clarifies certain other information set forth therein. The page numbers in the text of the Registrants' responses correspond to the page numbers in Amendment No. 2. Unless otherwise indicated, capitalized terms used herein have the meanings assigned to them in Amendment No. 2.

Securities and Exchange Commission

July 10, 2025

<u>Amendment No. 1 to Registration Statement on Form F-4</u>

<u>Questions and Answers About the Business Combination...</u>

<u>What are the possible sources and the extent of dilution..., page xviii</u>

1.  ***Staff commen t:*** We note your revised disclosure in response to prior comment 5 as it relates to the change
 in net tangible book value per share attributable to Cohen Circle shareholders. Please further
 revise your disclosures as follows:

● Remove the change in net tangible book value per share information from the dilution table on page xviii.

● Revise to include an introductory paragraph to the first table on page xix explaining what the table is intended to convey.

● Move the paragraph immediately preceding the first table on page xix to precede the second table on that page, which is the table that your current disclosure describes.

***Response***: The Registrants respectfully acknowledge the Staff's comment and have revised their disclosure on pages xvii to xix accordingly.

<u>Summary of the Proxy Statement/Prospectus</u>

<u>JSC Kyivstar, page 1</u>

2.  ***Staff comment:*** We note your revised disclosures in response to prior comment 6. Please
 further revise here to state the total amount of revenue JSC Kyivstar generated and the amount
 not attributable to digital products and services (i.e. mobile services, including voice,
 message and wireless internet and fixed-line telecommunications). Also, revise to remove
 any reference to revenue generated by Uklon in fiscal 2023 and 2024, which is prior to the
 April 2025 acquisition.

***Response***: The Registrants respectfully acknowledge the Staff's comment and have revised their disclosure on page 1 and throughout accordingly.

<u>Kyivstar Management's Discussion and Analysis of Financial Condition and Results of Operations</u>

<u>Key Performance Indicators</u>

<u>Mobile customers, page 175</u>

3.  ***Staff comment:*** We note your revised disclosures in response to prior comment 10. Please
 further revise to indicate here, if true, that subscribers are the same as customers, since
 you still refer to subscribers throughout.

***Response***: The Registrants respectfully acknowledge the Staff's comment and have revised their disclosure on page 175 accordingly.

Securities and Exchange Commission

July 10, 2025

We hope that the foregoing has been responsive to the Staff's comments. If you have any questions related to this letter, please contact Jennifer M. Gascoyne (by telephone at +44.20.7710.1029 or by email at Jennifer.Gascoyne@lw.com).

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **KYIVSTAR GROUP LTD.** | **KYIVSTAR GROUP LTD.** |
| /s/ Kaan Terzioğlu | /s/ Kaan Terzioğlu |
| Name: | Kaan Terzioğlu |
| Title: | Executive Chairman and Director |
| **VEON HOLDINGS B.V.** | **VEON HOLDINGS B.V.** |
| /s/ Kaan Terzioğlu | /s/ Kaan Terzioğlu |
| Name: | Kaan Terzioğlu |
| Title: | Director |
| /s/ Maciej Mojtaszek | /s/ Maciej Mojtaszek |
| Name: | Maciej Wojtaszek |
| Title: | Director |

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| | |
|:---|:---|
| VIA EDGAR | VIA EDGAR |
| cc: | Jennifer M. Gascoyne |
|  | *Latham & Watkins LLP* |
|  | Rahul Patel <br> *Morgan, Lewis & Bockius LLP* |

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