30 Jun 2023 16:47

Qiwi provides restructuring update: Russian assets to JSC Qiwi, Kazakh to int'l segment

MOSCOW. June 30 (Interfax) - Qiwi plc has provided an update on progress with its restructuring plan, adopted to enable it to maintain its Nasdaq listing.

The Russian payments service provider said on June 9 that it would retain its listing on Nasdaq subject to a number of conditions, including the division of its business into international and Russian segments. It said its international business would go to Qiwi, which trades on Nasdaq and the Moscow Exchange . The Russian business will be consolidated by the local JSC Qiwi.

Qiwi presented a business restructuring plan at a meeting of the Nasdaq commission. The exchange granted Qiwi's appeal and reversed its delisting decision. Qiwi said the Russian and international business segments should be established in June 2023.

It said on June 30 that the international perimeter has been established and that its asset in Kazakhstan had been transferred from JSC Qiwi to Qiwi plc. The company has executed all legally binding documents for transactions related to the transfer of Russian assets out of its control, and completed the consolidation of practically all Russian-based assets under JSC QIWI: ROWI Group, RealWeb Group, QIWI Finance LLC and others.

The company plans to completely divest itself of such Russian assets by August 30.