Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Financial services firm Freedom Holding considers Moscow listing after Nasdaq debut

Published 10/15/2019, 11:52 AM
© Reuters. Timur Turlov, CEO of Freedom Finance brokerage speaks to Reuters during the interview in the office in Moscow

By Andrey Ostroukh and Olzhas Auyezov

MOSCOW (Reuters) - Freedom Holding Corp (O:FRHC), a financial services firm focussed on East Europe and Central Asia, is considering a Moscow listing, after its shares began trading on New York's Nasdaq.

Shares in Freedom Holding Corp initially climbed more than 2% before easing back to trade flat on its Nasdaq debut on Tuesday at $14.15, its closing price on the OTCQX exchange where it was listed since July 2018.

Timur Turlov, Freedom Holding Corp's 31-year-old founder and chief executive, told Reuters his company was considering a rouble-denominated listing on the Moscow Exchange. "I hope it will happen this year," he said in his Moscow office.

Turlov said the company had taken five years to prepare for the Nasdaq listing to broaden its investor base.

"We are getting on the radar of a large group of investors who do not work with a company that is not listed," he said.

A Moscow listing would put the firm's shares in Russia's small-cap indexes Russel 2000 or 3000, putting the company "into the sight of investors who are looking at our region," he said.

The firm's Kazakh unit, Freedom Finance, is one of the biggest and most active brokerages in Kazakhstan.

The company also became a major investor in Kazakh mobile operator Kcell (KZ:KCEL) last year, building up a stake of more than 10% through open market purchases.

It halved that investment to about 5% before the Nasdaq listing. Turlov said the shares were sold at a profit.

© Reuters. Timur Turlov, CEO of Freedom Finance brokerage speaks to Reuters during the interview in the office in Moscow

Freedom Finance is now setting up a subsidiary in Kazakhstan's Astana International Financial Centre (AIFC). It has also been active in neighboring Uzbekistan.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.