They are sold to the Hong Kong company Fusion Factor Fintech Limited
The Qiwi company completes business restructuring and announces the sale of Russian assets to the Hong Kong company Fusion Factor Fintech Limited, owned by Qiwi executive director Andrei Protopopov, as reported by TASS with reference to the group's press service.
After completion of the transaction, the price of which is 23.75 billion rubles, Qiwi Plc (combines the international assets of Qiwi) plans to repurchase American depositary shares from the Nasdaq exchange and the Moscow Exchange.
The transaction has already been approved by Russian regulatory authorities and the board of directors of Qiwi Plc. After the transaction is closed, Andrey Protopopov will continue to manage the business of JSC «Kiwi» (merges Russian assets), but will leave leadership positions in Qiwi Plc. The place of the executive director of Qiwi Plc will be taken by Alexey Mashchenkov, who is now the financial director.
Qiwi, in order to maintain its listing on the Nasdaq exchange, decided to divide its business into Russian and international in order to comply not only with the requirements of the exchange, but also with the US Treasury Department's Office of Foreign Assets Control (OFAC), which maintains sanctions lists.
Last year, Qiwi was among those who must pay a one-time excess profit tax. The group estimated its size at 500 million rubles.