7 Aug 2023 17:10

Freedom Holding divests stake in SPB Exchange

MOSCOW. Aug 7 (Interfax) - Freedom Holding Corp., controlled by Kazakh businessman Timur Turlov, has sold all its shares in SPB Exchange.

Freedom Holding says in report that in the financial year ended March 31, 2023 it sold 7.5 million or 5.64% of the exchange's shares, reflecting a loss of $73.4 million as a result.

The stake is currently worth around 1.35 billion rubles or $14 million at current prices on the Moscow Exchange .

As a result, Freedom Holding no longer owns any shares in SPB Exchange, the company told Interfax.

Freedom Holding in February 2023 closed a deal to sell its assets in Russia, broker and a bank, to Maxim Povalishin, the former deputy general director of Freedom Finance. After the announcement of the transaction, Freedom Finance Investment Company and Freedom Finance Bank rebranded and began to work under the commercial names Cifra Broker and Cifra Bank.

As of mid-2021, Freedom Holding was the third largest shareholder of the exchange after NP RTS and Sovcombank with 12.8% of the shares. Freedom sold some of its shares on the exchange through ETF units.