# EDGAR Filing Document

**Accession Number:** 0001657739
**File Stem:** 0001193125-25-325080
**Filing Date:** 2025-12
**Character Count:** 13922
**Document Hash:** 9eb161d7503600684b758ed8d18c2d66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-325080.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001193125-25-325080

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VEON Ltd.
- **CENTRAL INDEX KEY:** 0001468091
- **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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85442
- **FILM NUMBER:** 251583986

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** INDEX TOWER (EAST TOWER)
- **STREET 2:** UNIT 1703
- **CITY:** DUBAI (DIFC)
- **PROVINCE COUNTRY:** C0
- **BUSINESS PHONE:** 971 4 433 1145

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** INDEX TOWER (EAST TOWER)
- **STREET 2:** UNIT 1703
- **CITY:** DUBAI (DIFC)
- **PROVINCE COUNTRY:** C0

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VimpelCom Ltd.
- **DATE OF NAME CHANGE:** 20091005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** New Spring Co Ltd.
- **DATE OF NAME CHANGE:** 20090709
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Letterone Investment Holdings S.a.r.l.
- **CENTRAL INDEX KEY:** 0001657739

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 161 RUE DU KIEM
- **CITY:** L-8030 STRASSEN
- **PROVINCE COUNTRY:** N4
- **BUSINESS PHONE:** 352 2638 771

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 161 RUE DU KIEM
- **CITY:** L-8030 STRASSEN
- **PROVINCE COUNTRY:** N4

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_01.pdf`

_No text found in this document._

**Attachment 2:** `ck0000000000-ex99_5.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 21)**

**VEON LTD.**

*(Name of Issuer)*

**Common Stock, nominal value US$0.001 per share**

*(Title of Class of Securities)*

**91822M106**

*(CUSIP Number)*

**Jonathan Muir**<br>Letterone Investment Holdings S.A.<br>161 Rue du Kiem<br>L-8030 Strassen N4 00000<br>352 2638 771

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/18/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **91822M106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**LPE Middle East Limited** | Name of reporting person<br>**LPE Middle East Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**C0** | Citizenship or place of organization<br>**C0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**840625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**840625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**840625000.00** | Aggregate amount beneficially owned by each reporting person<br>**840625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**45.46%** | Percent of class represented by amount in Row (11)<br>**45.46%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The Reporting Person is the direct beneficial owner of approximately 45.46% of the Issuer's outstanding voting capital stock. See Item 5. The calculated percentages are based on 1,849,190,667 shares of Common Stock outstanding as of March 31, 2025, as reported in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2025.

| **CUSIP No.** | **91822M106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**L1TS (Cyprus) Ltd** | Name of reporting person<br>**L1TS (Cyprus) Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**G4** | Citizenship or place of organization<br>**G4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**840625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**840625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**840625000.00** | Aggregate amount beneficially owned by each reporting person<br>**840625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**45.46%** | Percent of class represented by amount in Row (11)<br>**45.46%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The Reporting Person is the direct beneficial owner of approximately 45.46% of the Issuer's outstanding voting capital stock. See Item 5. The calculated percentages are based on 1,849,190,667 shares of Common Stock outstanding as of March 31, 2025, as reported in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2025.

| **CUSIP No.** | **91822M106** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Letterone Investment Holdings S.A.** | Name of reporting person<br>**Letterone Investment Holdings S.A.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**N4** | Citizenship or place of organization<br>**N4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**840625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**840625000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**840625000.00** | Aggregate amount beneficially owned by each reporting person<br>**840625000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**45.46%** | Percent of class represented by amount in Row (11)<br>**45.46%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The Reporting Person is the direct beneficial owner of approximately 45.46% of the Issuer's outstanding voting capital stock. See Item 5. The calculated percentages are based on 1,849,190,667 shares of Common Stock outstanding as of March 31, 2025, as reported in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, nominal value US$0.001 per share

**(b) Name of Issuer:**
VEON LTD.

**(c) Address of Issuer's Principal Executive Offices:**
Index Tower (East Tower), Unit 1703, Dubai (DIFC), C0, 00000

This Amendment No. 21 (this "Amendment") to the Statement on Schedule 13D (the "Schedule 13D") relates to the common stock, nominal value US$0.001 per share (the "Common Stock") of VEON Ltd. ("VEON"). The initial Schedule 13D, previously filed jointly by Altimo Cooperatief U.A., Eco Telecom Limited, Altimo Holdings & Investments Ltd., CTF Holdings Limited and Crown Finance Foundation on April 30, 2010, as amended, is hereby amended and supplemented with respect to the items set forth in this Amendment. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended to add the following at the end thereof:

    As stated in Item 3, LIHS and its affiliates have engaged in an internal reorganization that resulted in the transfer of 840,625,000 shares of Common Stock from L1T VIP Holdings S.a r.l., an indirectly wholly owned subsidiary of LIHS, to LPE.

    Except as described in this Item 4, none of the Reporting Persons has formulated any plans or proposals which relate to or would result in any matter required to be disclosed in response to paragraphs (a) through (j) of Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Schedule 13D is hereby amended to read in its entirety as follows:

    LPE is the direct beneficial owner of 840,625,000 shares of Common Stock, representing approximately 45.46% of VEON's outstanding Common Stock and voting capital. Each of LPE, L1TS and LIHS may be deemed the beneficial owner of the 840,625,000 shares of Common Stock, representing approximately 45.46% of VEON's outstanding Common Stock and voting capital, held for the account of LPE.

    Neither the filing of this Amendment nor any of its contents will be deemed to constitute an admission that any of the Reporting Persons is the beneficial owner of any shares of VEON (other than as described in this Item 5(a)) for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purposes, and such beneficial ownership is expressly disclaimed.

    The above calculated percentages are based on 1,849,190,667 shares of Common Stock outstanding as of March 31, 2025, as reported in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2025.

**(b)**
Each of LPE, L1TS and LIHS may be deemed to have sole power to direct the voting and disposition of 840,625,000 shares of Common Stock held for the account of LPE.

**(c)**
Other than as described in Item 4, to the best of the Reporting Persons' knowledge, there have been no transactions effected with respect to any Common Stock during the past 60 days by any of the persons named in response to Item 2.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** LPE Middle East Limited

**Signature:** /s/ Alexander Hillback

**Name/Title:** Alexander Hillback, Director

**Date:** 12/18/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** L1TS (Cyprus) Ltd

**Signature:** /s/ Neil Toyer

**Name/Title:** Neil Toyer, Director

**Date:** 12/18/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Letterone Investment Holdings S.A.

**Signature:** /s/ Barry O'Dwyer

**Name/Title:** Barry O'Dwyer, Authorised Signatory

**Date:** 12/18/2025