Qiwi is obliged to dispose of the shares within 2 years after the repurchase – Kommersant
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Qiwi (MOEX: QIWI) will have to sell the shares within two years from the date of the buyback or cancel them, they said press service companies. The share repurchase program will be approved at an extraordinary meeting of shareholders on March 11. The buyout scheme has already been approved by the board of directors and regulators.
“The acquired ordinary shares of the Company of category “B”, including shares of the Company represented by ADSs (American Depositary Shares – “K”), are subject to sale or redemption within 2 years from the date of acquisition of such ordinary shares,” the company said in a statement.
On January 19 it became known that Qiwi will sell its assets in Russia of the Hong Kong company Fusion Factor Fintech Limited, which belongs to the chief executive officer Andrey Protopopov. The transaction price is RUB 23.7 billion.
After completion of the transaction, the company intends to buy back 10% of the securities. The number of shares is limited by the legislation of Cyprus and amounts to 6,271,297 ADS. The buyback will affect American depositary shares (ADS) from NASDAQ and shares of the Moscow Exchange.
The maximum redemption price on the Moscow Exchange will be no more than 581 rubles. for one share. The buyback price on NASDAQ in dollars will be determined taking into account the buyback price in rubles and the exchange rate of the Russian Central Bank at the time of the buyback. On January 22, against the backdrop of information about the sale of a business, the company’s American depositary receipts on the Moscow Exchange fell by 14%.
The company announced the division of business into Russian and international segments in June 2023. In July, the Central Bank of Russia issued a restrictive order to Qiwi Bank due to shortcomings identified as a result of an audit.
Read more in the Kommersant FM article. “The Central Bank took a closer look at Qiwi wallets”.
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