EX-8 5 exhibit8significantsubsidi.htm EX-8
Exhibit 8
Subsidiaries
The table below sets forth our significant subsidiaries as of December 31, 2024. The equity interests presented reflect our direct and indirect ownership interest. Our percentage ownership interest is identical to our voting power for each of the subsidiaries listed below.

Name of significant subsidiary | Country of incorporation | Nature of subsidiary | Percentage of ownership interest
VEON Amsterdam B.V. | Netherlands | Holding | 100.0 | %
VEON Holdings B.V.** | Netherlands | Holding | 100.0 | %
JSC “Kyivstar” * | Ukraine | Operating | 100.0 | %
LLP “KaR-Tel” | Kazakhstan | Operating | 75.0 | %
LLC “Unitel” | Uzbekistan | Operating | 100.0 | %
VEON Finance Ireland Designated Activity Company | Ireland | Holding | 100.0 | %
LLC “Sky Mobile” *** | Kyrgyzstan | Operating | 50.1 | %
VEON Luxembourg Holdings S.à r.l. | Luxembourg | Holding | 100.0 | %
VEON Luxembourg Finance Holdings S.à r.l. | Luxembourg | Holding | 100.0 | %
VEON Luxembourg Finance S.A. | Luxembourg | Holding | 100.0 | %
Global Telecom Holding S.A.E | Egypt | Holding | 99.6 | %
Pakistan Mobile Communications Limited | Pakistan | Operating | 100.0 | %
Banglalink Digital Communications Limited | Bangladesh | Operating | 100.0 | %
VEON Group Holding Company Limited | Dubai | Branch | 100.0 | %

*LLC “Sky Mobile” was classified as held-for-sale as of December 31, 2024. For discussion of our Kyrgyzstan operations interests as a held for sale see Note 11—Held for Sale and Discontinued Operations of the Audited Consolidated Financial Statements.
** On April 8, 2025, we completed a partial Dutch statutory demerger of VEON Holdings B.V. (“VEON Holdings”) pursuant article 2:334a paragraph 3 of the Dutch Civil Code, as a result of which VEON Holdings’s previously-held interests in its subsidiaries (along with other assets, liabilities and contracts) were allocated among VEON Holdings and two newly-incorporated entities, VEON MidCo B.V. and VEON Intermediate Holdings B.V. Effective April 8, 2025: (i) VEON Holdings’s only subsidiary is JSC Kyivstar; (ii) VEON MidCo B.V. holds the interests in VEON’s operating subsidiaries and other key assets; and (iii) VEON Intermediate Holdings holds the interests in VEON’s non-core assets and subsidiaries.