Investment company Freedom Holding has completed the sale of assets in the Russian Federation for $140 million, the holding said in a statement.
“The previously announced sale of the Russian subsidiaries of Freedom Holding Corp. has been approved by the Central Bank of the Russian Federation and the sale has been completed,” the press release said.
The asset value was approximately $140 million. The holding announced its intention to sell its business in Russia – Freedom Finance Investment Company (Tsifra Broker) and Freedom Finance Bank (Tsifra Bank) – in October. The buyer was supposed to be a top manager of the company Maxim Povalishin.
Freedom Holding conducts financial, retail brokerage, investment advisory, securities trading, investment banking and underwriting services through its subsidiaries. The head office of the company is located in Kazakhstan, in Alma-Ata. The holding’s shares are traded on the Nasdaq Capital Market.