Veon Group outlined plans to list its Ukrainian subsidiary Kyivstar on the Nasdaq stock exchange in the US, signing a letter of intent (LOI) to combine the business with investment company Cohen Circle.

The operator group delisted its shares from the Euronext Amsterdam exchange in favour of the Nasdaq in New York in Q4 2024, along with moving its headquarters from the Netherlands to Dubai.

In signing the LOI with Cohen Circle, Kyivstar will become the first purely Ukrainian investment opportunity to be listed on a US stock exchange, enabling international investors to participate “more directly” in the operator’s growth and the country’s recovery.

The two parties will now explore a business combination to enable the indirect listing, but Veon will hold a majority stake.

A definitive agreement is expected to be announced in the second quarter, upon which more details of the pair’s partnership will be revealed.

Kaan Terzioglu, Veon Group CEO, stated the agreement with Cohen Circle is “a significant step” in its ambition to crystallise value for investors.

“It also underscores our commitment to rebuilding Ukraine through investments,” he added.

Veon suggested it would make changes after it drew fire from a major investor at the end of 2024, when Shah Capital hit out the company’s performance and strategy.