Freedom Hldg Corp Nev Stock Price, News & Analysis

Freedom Holding Corp. has successfully completed the divestiture of its businesses in Russia, following the approval of the Central Bank of the Russian Federation. The sale encompasses 100% of the shares of IC Freedom Finance LLC and its subsidiary Bank Freedom Finance LLC to Maxim Povalishin for approximately $140 million. This amount includes $33 million in cash and the assignment of a liability of about $107 million. Post-sale, the acquired companies will operate under the new name “Tsifra.” CEO Timur Turlov emphasized the decision to divest was made in light of geopolitical tensions, aiming to enhance the company's global presence from Almaty and New York.

Freedom Holding Corp. (Nasdaq: FRHC) has announced a definitive agreement to acquire Maxim Group LLC for approximately $400 million in cash and stock. This acquisition aims to enhance Freedom's capital markets, research, and investment banking capabilities, expanding its reach into the U.S. market. Maxim Group, a full-service investment bank, will complement Freedom's operations with a strong global presence in Europe and Asia. The deal is part of Freedom's ongoing strategy to grow its footprint in financial services, following its earlier acquisition of Prime Executions, Inc. Completion of the transaction is subject to regulatory approvals.

Freedom Holding Corp. announces the appointment of Jon V. Rogers, a 20-year veteran from Citigroup, as Executive Vice President at Freedom Capital Markets (FCM). His extensive experience in equity transactions and financial analysis is expected to enhance FCM's investment banking operations and strategic initiatives, expanding its U.S. footprint. Rogers holds an MBA from the Wharton School and has previously earned accolades as a Senior Automotive Analyst. This appointment underscores Freedom's commitment to growth in the financial services sector.

Freedom Holding Corp. (Nasdaq: FRHC) announced that its European subsidiary, Freedom Finance Europe, has gained direct membership with EuroCCP, a key player in Europe's clearing and settlement space. This membership allows for the settlement and execution of client orders through Euroclear, enhancing trade confidence and settlement reliability. This move is expected to bolster Freedom Finance Europe's reputation in the European financial market, as highlighted by Evgeny Tyapkin, executive director of Freedom Finance Europe.

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Freedom Holding Corp. (Nasdaq: FRHC) has announced a definitive agreement to sell its Russian subsidiary, Investment Company Freedom Finance LLC, and its bank FFIN Bank LLC, to Maxim Povalishin, pending approval from the Central Bank of Russia. The deal involves a cash payment of approximately US$33 million and transferring an obligation of about RUB 6.6 billion (around US$107 million). The sale aims to allow Freedom Holding to focus on growth in Kazakhstan and other markets amidst challenging geopolitical conditions.

Freedom Holding Corp. (NASDAQ: FRHC) has appointed Deloitte LLP as its independent registered public accounting firm for the fiscal year ending March 31, 2023. This decision was announced in an 8-K filing and reflects the company’s commitment to robust financial oversight. Deloitte previously audited certain subsidiaries of Freedom Holding, replacing the U.S.-based firm WSRP, LLC. The company operates in 14 countries offering various financial services. The transition aims to enhance audit quality and corporate governance.

Freedom Holding Corp. (NASDAQ:FRHC) and MKM Holdings LLC have mutually agreed to terminate the acquisition of MKM Partners LLC due to adverse business and market conditions stemming from international geopolitical issues. The decision comes despite previous excitement over potential synergies and benefits for clients and employees. CEO Timur Turlov stated the focus will continue on exploring other opportunities in the U.S. market while allowing MKM Partners to remain independent during this unstable period.

Freedom Holding Corp. (NASDAQ:FRHC) announced a downgrade in credit ratings by S&P Global Ratings for its subsidiaries due to the adverse effects of the Russia-Ukraine conflict. The long-term issuer credit ratings for Freedom Finance JSC and other subsidiaries were lowered to "B-" and "CCC-" for Investment Company Freedom Finance. S&P's action reflects anticipated weaker business prospects and potential currency translation losses. Despite these challenges, CEO Timur Turlov indicated continued operations in Kazakhstan and other regions, maintaining a healthy liquidity position.