Business
Freedom Holding Corp. Russian Divestiture Approved and Completed
Divestiture is of all of Freedom Holding’s businesses in Russia; Company has exited Russia ALMATY, Kazakhstan & NEW YORK--(BUSINESS WIRE)-- The previously
About this update from Freedom Holding Corp.
[{"type":"text","content":"\nDivestiture is of all of Freedom Holding’s businesses in Russia;\nCompany has exited Russia\n\n ALMATY, Kazakhstan & NEW YORK--(BUSINESS WIRE)--\nThe previously announced sale of the Russian subsidiaries of Freedom Holding Corp. (Nasdaq: FRHC) has been approved by the Central Bank of the Russian Federation and the sale has been completed, the company announced today.\n\nAs previously disclosed, the company’s Russian subsidiaries have been sold to Maxim Povalishin, the Deputy General Director and a member of the Board of Directors of Freedom’s Russian subsidiary IC Freedom Finance LLC. As a result of the deal, which closed following the approval of the Central Bank of the Russian Federation, Freedom Holding Corp. has now completely divested its businesses in the Russian Federation.\n\nOn October 17, 2022, Freedom Holding Corp. entered into an agreement for the sale of 100% of the shares of IC Freedom Finance LLC together with its subsidiary Bank Freedom Finance LLC, to Mr. Povalishin for approximately $140 million, comprised of cash in an amount of approximately US$33 million and the assignment of a liability in the amount of approximately US$107 million, subject to Central Bank of Russia approval. That approval was granted this week. The Povalishin-acquired companies have been rebranded as “Tsifra.”\n\n“Following Russia’s invasion of Ukraine, we believed it was best for our company to divest our Russian businesses, as I renounced my Russian citizenship,” said Timur Turlov, CEO of Freedom Holding. “We look forward to growing our global presence from our headquarters in Almaty and from New York.”\n\nAbout Freedom Holding Corp.\nFreedom Holding Corp., a Nevada corporation, is a financial services holding company conducting retail financial securities brokerage, investment research, investment counseling, securities trading, investment banking and underwriting services, mortgages, insurance, and consumer banking through its subsidiaries under the name of Freedom Finance in Europe and Central Asia. Through its subsidiaries, Freedom Holding Corp. employs more than 2,900 people and is a professional participant in the Kazakhstan Stock Exchange, the Astana International Exchange, the Ukrainian Exchange, the Republican Stock Exchange of Tashkent, and the Uzbek Republican Currency Exchange and is a member of the New York Stock Exchange ...