Qiwi will retain its listing on NASDAQ by separating its business into Russian and international

The Qiwi Group has secured the cancellation of the delisting of the company’s shares on the NASDAQ exchange, subject to a number of conditions. In particular, Qiwi undertook to divide the business into international and Russian segments, follows from statements company press office.

“Qiwi plans to completely shed its Russian operations and assets and focus on further growing its international business, both through the development of existing operations and through mergers and acquisitions. The company believes that after the restructuring, it will have enough funds for business development to fully comply with the requirements of NASDAQ and OFAC (U.S. Office of Foreign Assets Control.— “b”),” the company said in a statement.

Qiwi undertakes to transfer all Russian assets to Qiwi JSC by June 30, prepare interim financial statements by August 30, and complete the abandonment of assets located in the Russian Federation. The company plans to demonstrate to the NASDAQ by September 11 that it has complied with all requirements necessary to continue listing.

Qiwi stressed that the restructuring will not affect the daily activities of the company and the availability of its services. Trading in American depository receipts Qiwi on the Moscow Exchange will continue as usual, the press service said.

March 15 NASDAQ announced about the intention to delist the shares of Russian companies Qiwi, HeadHunter, Yandex and Ozon. The management of the companies assured that this would not affect their work. March 22 Qiwi appealed decision of the management of the NASDAQ exchange to delist shares. June 8 delisting cancellation achieved “Yandex”, which also plans to restructure.

Erdni Kagaltynov