Fusion Factor Fintech decides to reorganize JSC Qiwi

MOSCOW. June 26 (Interfax) - Hong Kong-based company Fusion Factor Fintech Limited, which owns JSC Qiwi , has decided to reorganize the company, Fusion Factor Fintech's press service told Interfax.

"At present, JSC Qiwi Group is in the process of revising its development strategy. New initiatives include transitioning from a mono-banking model to a multi-banking one, as well as launching joint services in partnership with other companies. To implement these initiatives, the management of Fusion Factor Fintech Limited - the parent holding company of JSC Qiwi Group - has decided to reorganize JSC Qiwi, which at the first stage will include, among other things, the registration of new legal entities," Fusion Factor Fintech said.

Previously, on June 19, a decision was made to reorganize JSC Qiwi by spinning off JSC Quinn Active from it, according to an announcement from Qiwi on the Fedresurs platform. The holding did not provide more specific plans regarding the development of the subsidiary.

At the end of January 2024, Qiwi Group sold its Russian assets, consolidated under JSC Qiwi, to Fusion Factor Fintech Limited, which is owned by former Qiwi CEO Andrei Protopopov. The deal was valued at 23.75 billion rubles, with the bulk of the amount still unpaid by the buyer. A month after the deal, the Central Bank revoked the license of Qiwi Bank, which had been the core of the group in Russia. The group's international business in Kazakhstan, the UAE, and other countries continued to operate under Qiwi Plc. In August, Qiwi shareholders approved a name change to NanduQ Plc.

At the end of May, Fusion Factor made a tender offer to buy back up to 10 million NanduQ Plc (formerly Qiwi) ADRs, conducted in two stages. The first stage ended on June 10, with the price per ADR set at 210 rubles, during which the company repurchased 42.2% of the maximum offer target. The second stage began on June 16 and will last until 5:00 PM Moscow time on July 7. The buyback price per ADR will be 195 rubles.

The tender offer by Fusion Factor Fintech Limited is addressed to holders of ADRs certifying rights to Class B ordinary shares of NanduQ Plc, which are recorded in the accounts of the National Settlement Depository (NSD) or other Russian depositories through a chain of ownership records involving the NSD and are included in the list of securities admitted to trading on the Moscow Exchange , the company said.