Freedom Holding Corp. Russian Divestiture Approved and Completed
February 27 2023 - 3:30PM
Business Wire
Divestiture is of all of Freedom Holding’s
businesses in Russia; Company has exited Russia
The 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.
As 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.
On 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.”
“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.”
About Freedom Holding Corp. Freedom 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
and the Nasdaq Stock Exchange.
Freedom Holding Corp. is headquartered in Almaty, Kazakhstan,
and has a presence in 14 countries, including Cyprus, the United
States, Uzbekistan, the United Kingdom, and Germany.
Freedom Holding Corp.'s common shares are registered with the
United States Securities and Exchange Commission and are traded in
the United States on the Nasdaq Capital Market, operated by Nasdaq,
Inc.
To learn more about Freedom Holding Corp., visit
www.freedomholdingcorp.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains “forward-looking” statements, including
with respect to the company’s ability to grow its global presence.
All forward-looking statements are subject to uncertainty and
changes in circumstances. In some cases, forward-looking statements
can be identified by terminology such as “expect,” “new,” “plan,”
“seek,” and “will,” or the negative of such terms or other
comparable terminology used in connection with any discussion of
future plans, actions and events. Forward-looking statements are
not guarantees of future results or performance and involve risks,
assumptions and uncertainties that could cause actual events or
results to differ materially from the events or results described
in, or anticipated by, the forward-looking statements. Factors that
could materially affect such forward-looking statements include
certain economic, business, and regulatory risks and factors
identified in the Company’s periodic and current reports filed with
the U.S. Securities and Exchange Commission. All forward-looking
statements are made only as of the date of this release and the
Company assumes no obligation to update forward-looking statements
to reflect subsequent events or circumstances. Readers should not
place undue reliance on these forward-looking statements.
Website Disclosure
Freedom Holding Corp. intends to use its website,
https://ir.freedomholdingcorp.com, as a means for disclosing
material non-public information and for complying with U.S.
Securities and Exchange Commission Regulation FD and other
disclosure obligations.
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version on businesswire.com: https://www.businesswire.com/news/home/20230227005788/en/
Media: Deborah Kostroun Phone: +1 201 403-8185 Email:
Deborah@zitopartners.com
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