QIWI will divide the business into Russian and international for the sake of the stock exchange in the US

QIWI has achieved the abolition of the delisting of the company's shares on the NASDAQ stock exchange , subject to a number of conditions. In particular, the company undertook to divide the businessto the international and Russian segments until September 11

The QIWI company, which provides payment and financial services in RUSSIA and the CIS countries, has announced plans to split the business into Russian and international in order to maintain a listing on the NASDAQ exchange, follows from a statement by the company's press service.

“QIWI plans to completely shed its Russian operations and assets and focus on further growing its international business, both through the development of existing operations and through mergers and acquisitions. The company believes that after the restructuring, it will have enough funds for business development to fully comply with the requirements of NASDAQ and OFAC ( U.S. Office of Foreign Assets Control . - ),” the company said in a statement.

By June 30, QIWI will transfer all Russian assets to Qiwi JSC, prepare interim financial statements by August 30, and complete the divestment of assets located in Russia. The company plans to demonstrate to the NASDAQ by September 11 that it has complied with all requirements necessary to continue listing.

QIWI stressed that the restructuring will not affect the daily activities of the company and the availability of its services. Trading in American depositary receipts QIWI on the Moscow Exchange will continue as usual, the press service said.

NASDAQ announced its intention to delist shares of Russian companies QIWI, HeadHunter, Yandex and Ozon on March 15. The management of the companies assured that this would not affect their work. On March 22, QIWI appealed against the decision of the management of the NASDAQ exchange to delist the shares.

Delisting is the exclusion of securities of a certain issuer from the quotation list of the stock exchange. After delisting, the securities of the issuing company cannot be traded on the exchange where the company is excluded from the quotation list.

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After the start of the special operation in Ukraine , the United States imposed sanctions against many Russian companies, but QIWI was not affected by the restrictions. Nevertheless, sanctions against some Russian banks led to the blocking of QIWI's assets for 2.015 billion rubles, or 2% of the company's assets. Revenue QIWI, which provides payment and financial services in Russia and the CIS countries, for the 2022 financial year amounted to 51.5 billion rubles, and adjusted EBITDA - 19.8 billion rubles. The main owner of the company is Sergey Solonin.

On the eve of the abolition of the delisting, Yandex achieved, which also plans to restructure assets with a division into Russian and international ones.