Freedom Holding Corp. announces sale of Investment Company "Freedom Finance" and Bank "Freedom Finance"

21.10.22 10:48
/KASE, October 21, 2022/ – Freedom Holding Corp. (USA), whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press release dated October 20, 2022: quote Freedom Holding Corp. (FRHC) entered into an agreement for the sale and purchase of the 100% stake in the authorized capital of Investment Company "Freedom Finance" LLC (IC FF) and Bank "Freedom Finance" LLC (BFF). The new owner of the companies will be Maxim Povalishin, who previously held the position of Deputy General Director and member of the Board of Directors of IC FF. Prior to the sale of Russian divisions as part of a corporate restructuring, FRHC entered into a sale and purchase agreement with IC FF for the purchase of a 90.43% stake in the capital of Kazakhstan's Freedom Finance JSC (FF JSC) – the holding already owns the remaining 9.57%. As consideration for the purchase of IC FF and BFF, Mr. Povalishin will make a cash payment in the amount of USD33 million from his own funds, including proceeds from the sale of shares that he received while working for the company, and will also assume obligations to repay the FRHC payment for the acquisition of FF JSC from IC FF in the amount of RUB6.6 billion (about USD107 million at the current exchange rate). unquote The full version of the press release is posted on KASE website – [2022-10-21]