- Freedom Holding ( NASDAQ: FRHC ) to sell its Russian subsidiary , Investment Company Freedom Finance, together with Freedom RU’s subsidiary FFIN Bank.
- The transaction is subject to the approval of the Central Bank of the Russian Federation and is expected to close in the coming months.
- As consideration for the purchase of the Russian Subsidiaries, Mr. Povalishin will pay cash in an amount of ~$33M and be assigned the company’s obligation to Freedom RU under an outstanding deferred payment in the amount of ~$107M which resulted from the purchase by the company of Freedom RU’s Kazakhstan subsidiary Freedom Finance from Freedom RU as part of a corporate restructuring.
- Completion of the purchase is subject to regulatory approvals and is expected to occur prior to the closing of the sale of the Russian subsidiaries.
For further details see:
Freedom Holding to sell Russian subsidiaries