Qiwi will sell Russian assets to a Hong Kong company for 24 billion rubles – Kommersant
[ad_1]
Qiwi (MOEX: QIWI) will sell its assets in Russia to the Hong Kong company Fusion Factor Fintech Limited, which belongs to Chief Executive Officer Andrey Protopopov, for RUB 23.7 billion. Following the sale of its assets, Qiwi plc plans to repurchase its American depositary shares (ADS) from NASDAQ and the Moscow Exchange.
“The funds received from the transaction will be used to develop international business, as well as to repurchase shares from NASDAQ and the Moscow Exchange,” says the press release. According to Cypriot law, the repurchase amount is limited to 10% of all issued shares (6,271,297 ADS).
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.
According to the group, mutual settlements for the deal involve installments and payment over four years. RUB 11,875 billion will be paid within four months after the conclusion of the transaction, the remaining 11,875 billion rubles. – in the form of four equal shares, their payment will begin in the fourth quarter of 2024.
After the completion of the transaction, Andrey Protopopov will also manage the business of Qiwi JSC in Russia; he will have to leave his leadership positions in Qiwi plc. The position of executive director at Qiwi plc will be taken by the current financial director Alexey Mashchenkov, and his deputy Elena Nikonova will become the financial director.
The news will be updated.
[ad_2]
Source link
