...VEON Ltd. is a geographically diversified mobile-focused telecoms operator. Russian operations are a core cash- generating unit for the group, responsible for approximately half of the group's revenue and EBITDA in 2017, with less significant cash flows from Global Telecom Holding S.A.E. (GTH), a 58%-owned subsidiary with operations in Algeria, Pakistan and Bangladesh. VEON recently announced the sale of its 50% stake in Wind Tre SpA, its joint venture with CK Hutchison in Italy, to the latter company for EUR2,450 million, subject to regulatory clearance, and its proposed buy-out of GTH's operations in Bangladesh and Pakistan. VEON faces a significant currency mismatch with approximately 70% of its debt denominated in US dollars and euros, resulting in tighter leverage rating triggers compared with peers....
