7 Nov 2023 11:07

Qiwi secures Nasdaq extension to restructure business until Feb

MOSCOW. Nov 7 (Interfax) - Qiwi plc has received an extension from the Nasdaq exchange for the completion of its business restructuring process until January 31, 2024, the Russian payments service provider said in a press release.

Qiwi initially planned to complete the restructuring of its business by September 11, 2023 but then the deadline was pushed back to November 11.

"The only remaining step to complete the reorganization process requires certain regulatory approvals," Qiwi said.

It was reported earlier that Qiwi would retain its listing on Nasdaq subject to a number of conditions, including the division of its business into international and Russian segments. The international business will go to Qiwi, which trades on Nasdaq and the Moscow Exchange , while the Russian business will be consolidated by the local JSC Qiwi.

The business was supposed to be fully unbundled by the end of August 2023, subject to the receipt of all regulatory approvals. JSC Qiwi and Qiwi plc will continue to develop on a standalone basis if the Central Bank of Russia approves the restructuring, the group said.

Trading of Qiwi shares (ADS) on Nasdaq was suspended on February 28, 2022 due to the geopolitical situation. Trading of the company's shares on the Moscow Exchange has continued as usual.

Nasdaq notified Qiwi on March 15 that its shares would be delisted as of March 24, 2023. The group reported a week later that it had requested a hearing to appeal this decision.

Qiwi's free float is 71.5% of shares. The company's largest shareholder is Sergei Solonin with 28.2% of shares and 71.2% of votes.