NEW YORK, NY / ACCESSWIRE / July 4, 2018 / Shares of VEON were up on Tuesday after it said it will sell its 50% equity stake in Wind Tre to partner CK Hutchison. Shares of Seadrill Limited were in the red after emerging from bankruptcy on Monday.
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VEON Ltd. shares closed up 13.39% on about 23.3 million shares on Tuesday. The Netherlands-based communications provider saw big gains after it announced that it will sell its 50% equity stake in Wind Tre for around $2.87 billion to partner CK Hutchison. According to the company the profit from the transaction will fetch about $1.1 billion. Veon's executive chairman, Ursula Burns, said "Our goal is to drive greater value for our shareholders through a more focused and optimized portfolio," and that there were "four immediate priorities" for the company. They are: "simplifying the Group's structure, increasing our operational focus on emerging markets, strengthening the Group's balance sheet and supporting the company's current dividend policy." She also stated, "We intend to provide a more comprehensive update on VEON's strategy in the coming weeks, which will cover, among other things, our ambition to deliver operational excellence across our portfolio, supported by a refocused and expert HQ that provides strategic expertise and direction to our businesses."
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Seadrill Limited shares closed down 26% yesterday on about 2 million shares traded yesterday. Seadrill has emerged from bankruptcy and now shareholders own 1.9% of the newly capitalized Seadrill effective July 3. The new equity structure, from Seadrill's press release is as follows: 14.25% of the new common shares issued to holders of unsecured claims against the company and certain of its Chapter 11 debtor affiliates; 23.75% of the new common shares issued to participants in the $200 million equity investment under the Plan; 54.625% of the new common shares issued to participants in the $880 million new secured notes investment under the Plan; 1.9% of the new common shares issued to holders of existing common equity interest in the company as of the effective date, an effective exchange ratio of approximately 0.0037345 new common shares per each existing share, and 5.475% of the new common shares issued as a structuring fee to certain of the new money investors.
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