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Freedom Holding says will sell Russian businesses

It is reported that Freedom Holding Corp. provides financial services, retail financial securities brokerage, investment counseling, securities trading, investment banking and underwriting services through its subsidiaries

MOSCOW, October 20. /TASS/. Freedom Holding Corp. has entered into an agreement to sell its Russian subsidiary, Investment Company Freedom Finance LLC, together with Freedom RU’s subsidiary FFIN Bank LLC, according to a statement released on the company’s website.

"The Russian subsidiaries are being acquired by Maxim Povalishin, who is currently the Deputy General Director and a member of the Board of Directors of Freedom RU," the statement reads. The transaction estimated at around $140 mln is subject to the approval by Russia’s Central Bank and Kazakhstan’s regulatory bodies. It is expected to close in the coming months.

"As consideration for the purchase of the Russian Subsidiaries, Povalishin will pay cash in an amount of approximately $33 million (subject to adjustment based on the Russian ruble-U.S. dollar exchange rate on the closing date) and be assigned the company’s obligation to Freedom RU under an outstanding deferred payment in the amount of approximately 6.6 billion rubles (currently approximately US$107 million) which resulted from the purchase by the company of Freedom RU’s Kazakhstan subsidiary Freedom Finance JSC (with its subsidiaries) from Freedom RU as part of a corporate restructuring," the company explained.

"We regret that the challenging geopolitical circumstances have made it necessary for us to sell our Russian subsidiaries," chief executive officer of Freedom Holding Timur Turlov was quoted as saying. "Our Board and management undertook a rigorous process and believe this is the best possible result for shareholders in these difficult circumstances. The sale of our Russian subsidiaries will enable us to accelerate growth in other markets," he added.

Freedom Holding Corp. provides financial services, retail financial securities brokerage, investment counseling, securities trading, investment banking and underwriting services through its subsidiaries. The company is incorporated in Nevada and is headquartered in Almaty, Kazakhstan. The company has a presence in 14 countries, including Cyprus, the United States, Uzbekistan, the United Kingdom and Germany. The company's shares are traded on the Nasdaq Capital Market under the ticker FRHC.

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