Russia's NanduQ again postpones payments for JSC Qiwi sale at buyer's request

MOSCOW. April 22 (Interfax) - The board of directors of NanduQ , formerly Qiwi Group, has approved another five-month deferral until October 31, 2025 for two payments totaling 11.8 billion rubles and 3 billion rubles related to the sale of JSC Qiwi, the group said.

This marks the fourth delay for the over 11 billion ruble payment originally due May 19, 2024, and the second postponement for the 3 billion ruble installment. These two payments were previously scheduled for May 31, 2025.

On April 17, Fusion Factor Fintech again requested payment deadline extensions, citing operational challenges in Russia significantly impeding its ability to meet payment obligations, NanduQ said.

"Despite these difficulties, the buyer confirmed its intention to settle all purchase agreement obligations simultaneously, including those not yet due," the group said.

Qiwi Group sold its Russian assets consolidated under JSC Qiwi to Hong Kong's Fusion Factor Fintech Limited (owned by former Qiwi plc CEO Andrei Protopopov) in January 2024 for 23.75 billion rubles. The deal received preliminary approval from the Central Bank of Russia and the Federal Antimonopoly Service. The transaction included Qiwi Bank, Qiwi Wallet, Qiwi Business, the Contact money transfer system, Rowi, Realweb, Flocktory, Taxiagregator, IntellectMoney and a number of other assets.

The payment schedule originally stipulated 11.9 billion rubles within four months (by May 19, 2024) with the remainder in four equal installments starting Q4 2024.

A month after the deal, on February 21, 2023, the Central Bank revoked Qiwi Bank's license, appointing the Deposit Insurance Agency (DIA) as liquidator. The Moscow Arbitration Court extended the forced liquidation of Qiwi Bank until October 7 at the DIA's request, in part to complete creditor settlements.

NanduQ's free float stands at 71.3%, with founder Sergei Solonin holding 28.4% of shares and 71.3% of votes.