As of November 6, 2026, 3 holders' latest Schedule 13D or 13G filings report owning 5% or more of VEON Ltd. The largest reported stake is Letterone Investment Holdings S.A.'s, at 45.46%. 6 filings are on record since November 14, 2025 (Schedule 13D/A, September 25, 2026).
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Key facts
- · Holder: Himanshu H. Shah · Percent: 6.72% · Shares: 4,620,275 · SCHEDULE 13G
- · Holder: Shah Capital Management · Percent: 6.72% · SCHEDULE 13D/A
- · Reporting person: LPE Middle East Limited · Sole voting: 840,625,000 · Shared voting: 0 · Sole dispositive: 840,625,000 · Shared dispositive: 0 · SCHEDULE 13D/A, 2026-09-25
- · Reporting person: Giovanni Agnelli B.V. · Sole voting: 131,628,075 · Shared voting: 0 · Sole dispositive: 131,628,075 · Shared dispositive: 0 · SCHEDULE 13G/A, 2026-08-10
- · Holder: Letterone Investment Holdings S.A. · Percent: 45.46% · SCHEDULE 13D/A
VEON Ltd. has 6 Schedule 13D or 13G filings on record since 2025-11-14. 3 holders' latest filing reports 5% or more of american depositary shares, or ads each representing one common share. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Letterone Investment Holdings S.A. | 45.46% | 840,625,000 | SCHEDULE 13D/A, 2026-09-25 | 2026-09-24 |
| Giovanni Agnelli B.V. | 7.12% | 131,628,075 | SCHEDULE 13G/A, 2026-08-10 | 2026-06-30 |
| 6.72% | 4,620,275 | SCHEDULE 13G, 2026-10-16 | 2026-10-16 |
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VEON Ltd. elsewhere on the record
Companies that share a holder
- Shah Capital Management also filed stake reports on 3 other companies: NOVAVAX, INC. (Oct 2026), Cheer Holding, Inc. (Oct 2025)
- Giovanni Agnelli B.V. also filed stake reports on 5 other companies: NOVAGOLD RESOURCES INC. (Oct 2026), MOLINA HEALTHCARE, INC. (Sep 2026), Valaris Limited (Aug 2026)
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| LPE Middle East Limited | 840,625,000 | 0 | 840,625,000 | 0 | SCHEDULE 13D/A, 2026-09-25 |
| L1TS (Cyprus) Ltd | 840,625,000 | 0 | 840,625,000 | 0 | SCHEDULE 13D/A, 2026-09-25 |
| Letterone Investment Holdings S.A. | 840,625,000 | 0 | 840,625,000 | 0 | SCHEDULE 13D/A, 2026-09-25 |
| Giovanni Agnelli B.V. | 131,628,075 | 0 | 131,628,075 | 0 | SCHEDULE 13G/A, 2026-08-10 |
| Exor N.V. | 131,628,075 | 0 | 131,628,075 | 0 | SCHEDULE 13G/A, 2026-08-10 |
| Lingotto Investment Management (UK) Limited | 131,628,075 | 0 | 131,628,075 | 0 | SCHEDULE 13G/A, 2026-08-10 |
| Lingotto Investment Management LLP | 131,628,075 | 0 | 131,628,075 | 0 | SCHEDULE 13G/A, 2026-08-10 |
| Shah Capital Management | 0 | 4,575,667 | 0 | 4,575,667 | SCHEDULE 13G, 2026-10-16 |
| Shah Capital Fund LLC | 0 | 2,790,960 | 0 | 2,790,960 | SCHEDULE 13G, 2026-10-16 |
| Himanshu H. Shah | 44,608 | 4,575,667 | 44,608 | 4,575,667 | SCHEDULE 13G, 2026-10-16 |
The latest filing identifies VEON Ltd. by CUSIP 91822M502 and gives its principal executive office as INDEX TOWER (EAST TOWER), UNIT 1703, DUBAI (DIFC) (SCHEDULE 13G, 2026-10-16).
Purpose of Transaction (Item 4)
Letterone Investment Holdings S.A.
Item 4 of the Schedule 13D is hereby amended to add the following at the end thereof: On September 22, 2026, the Issuer approved a buyback program for the repurchase and cancellation of 72,500,000 shares of its common stock (the "Common Stock") by way of on-market and negotiated purchases (the "Buyback Program"). On September 24, 2026, LPE and the Issuer entered into a Share Purchase Agreement (the "Share Purchase Agreement"). Pursuant to the terms of the Share Purchase Agreement, LPE will proportionately participate in the Issuer's Buyback Program such that the Issuer will repurchase (i) 39,542,170 shares of Common Stock represented by ADSs from the market (the "Market Buyback Shares") and (ii) 32,957,830 shares of Common Stock from LPE pursuant to the Share Purchase Agreement (the "Sale Shares"). Following each tranche of on-market repurchases undertaken by the Issuer under the Buyback Program, LPE agrees to sell, and the Issuer agrees to purchase, a number of shares of Common Stock (the "Phase Sale Shares"), calculated as the Sale Shares multiplied by a fraction, the numerator of which is the number of shares of Common Stock represented by ADSs repurchased from the market in the relevant buyback tranche (the "Phase Buyback Shares") and the denominator of which is the Market Buyback Shares, rounded to the nearest whole number, at a price per share calculated as the weighted average price of the on-market ADS repurchases undertaken by the Issuer in the relevant buyback …The first part of Item 4 of the SCHEDULE 13D/A filed 2026-09-25; the filing has the rest
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-11-14 | Giovanni Agnelli B.V. | 8.74% | SCHEDULE 13G/A |
| 2025-12-18 | Letterone Investment Holdings S.A. | 45.46% | SCHEDULE 13D/A |
| 2026-08-10 | Giovanni Agnelli B.V. | 7.12% | SCHEDULE 13G/A |
| 2026-09-25 | Letterone Investment Holdings S.A. | 45.46% | SCHEDULE 13D/A |
| 2026-10-16 | Shah Capital Management | 6.72% | SCHEDULE 13D/A |
| 2026-10-16 | Himanshu H. Shah | 6.72% | SCHEDULE 13G |
Questions about who owns VEON Ltd.
Who owns VEON Ltd.?
On this page, 3 holders' latest ownership filings report 5% or more of VEON Ltd.: Letterone Investment Holdings S.A. (45.46%, Schedule 13D/A, filed 2026-09-25), Giovanni Agnelli B.V. (7.12%, Schedule 13G/A, filed 2026-08-10) and Himanshu H. Shah (6.72%, Schedule 13G, filed 2026-10-16).
Who are the largest shareholders of VEON Ltd.?
By the share each holder's latest filing reports, the largest holders of VEON Ltd. on this page are Letterone Investment Holdings S.A. (45.46%), Giovanni Agnelli B.V. (7.12%) and Himanshu H. Shah (6.72%).
When did Letterone Investment Holdings S.A. buy into VEON Ltd.?
The filings give report dates, not purchase dates. The earliest filing from Letterone Investment Holdings S.A. on this page is the Schedule 13D/A, filed 2025-12-18, reporting 45.46%; its latest, Schedule 13D/A filed 2026-09-25, reports 45.46%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 6 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.