Nasdaq gave Qiwi a deferment to divide its business into Russian and international

Qiwi plc received a deferment from the Nasdaq exchange to complete its business restructuring, reported press service of the payment system.

The company expects to complete the business separation process to maintain its listing by November 11, 2023. The group requested the delay as it needs to obtain regulatory approvals for the sale of Russian assets. Qiwi plc has already satisfied Nasdaq’s key restructuring conditions. It made a report on the valuation of all its resources in Russia through an independent appraiser, consolidated assets within the Qiwi holding and published interim financial statements for the first half of 2023.

“The company will promptly inform the market about the further development of the restructuring process. We continue to act in the best interests of all our stakeholders, including investors, customers, retailers, business partners and employees during these unprecedented and challenging times,” added the Qiwi plc press service.

Previously, the group planned to carry out a complete separation of the business by the end of August. If the Bank of Russia approves the restructuring, then Qiwi plc and the Qiwi holding will become independent organizations from each other.

Nasdaq suspended trading of Qiwi plc’s American depositary shares on February 28, 2022 due to a security action. The company’s securities are traded on the Moscow Exchange according to the same rules.

From a previously published report on the activities of Qiwi plc shouldthat the organization’s net profit for the first half of 2023 increased by 78% – to 9.4 billion rubles. The volume of payments during this period increased by 13.7% and amounted to RUB 974 billion.