Business
Freedom Holding Corp. Announces Expansion Plans in Kazakhstan
ALMATY, KAZAKHSTAN / ACCESSWIRE / December 8, 2021 / Freedom Holding Corp. (NASDAQ:FRHC) (the "Company") announced plans to expand its service offerings in
About this update from Freedom Holding Corp.
[{"type":"text","content":"ALMATY, KAZAKHSTAN / ACCESSWIRE / December 8, 2021 / Freedom Holding Corp. (NASDAQ:FRHC) (the \"Company\") announced plans to expand its service offerings in the Kazakhstan region through the acquisitions of several companies over the next several months, as governmental regulatory approvals are received.Timur Turlov, Company CEO, stated, \"These acquisitions mark important steps in our regional strategy to implement online solutions for a wide array of consumer driven financial services products. When fully integrated with our brokerage and consumer banking platform, these acquisitions will further extend our leadership in providing convenient, secure, and user-friendly tools to our rapidly growing client base.\"Freedom Finance Life and Freedom Finance InsuranceTwo insurance companies, Insurance Company Freedom Finance Insurance JSC and Life Insurance Company Freedom Finance Life JSC will be acquired from Turlov, in related party transactions. The insurance companies will be acquired for cash of approximately US$13.72 million (KZT 6 billion) and US$12.35 million (KZT 5.4 billion), respectively, which amounts equal Turlov's investments in each company without any premium.Freedom Finance Life is a life insurance company providing online insurance products covering life, medical, including coronavirus, travelers' insurance and lenders insurance. Freedom Finance Life has more than 350 thousand clients in 19 cities of Kazakhstan. The company has been assigned \"B\" level rating by S&P Global Ratings and a long-term credit rating by \"kzBBB-\"national scale: Outlook - \"Positive.\"As of December 31, 2020 and December 31, 2019, Freedom Finance Life had total assets of US$112.6 million (KZT 47.4 billion @USD/KZT 420.91 per the National Bank of the Republic of Kazakhstan (\"NBRK\")) and US$47.31 million (KZT 18.1 billion @USD/KZT 382.59 per NBRK), total liabilities of US$96.7 million (KZT 40.7 billion @USD/KZT 420.91 per NBRK) and US$35.29 million (KZT 13.5 billion @USD/KZT 382.59 per NBRK) ) and net income of US$5.32 million (KZT 2.2 billion @average USD/KZT 413.36 per NBRK) and US$1.22 million (KZT 468.3 million @average USD/KZT 382.87 per NBRK), respectively.Freedom Finance Insurance is a leader of online insurance in Kazakhstan. The company offers its customers an online solution and conveniently located kiosks to acquire government...