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Qiwi projects $247 mln loss over sale of Russian assets

Moreover, Qiwi plc acknowledged impairment by $155 mln in 2023 due to the same reason

MOSCOW, April 23. /TASS/. The international company Qiwi plc, which owns former assets of the Qiwi group outside Russia, projects 22.7 bln rubles ($247 mln) loss in 2024 due to deal on sale of Russian business, the company told TASS with reference to its preliminary estimates.

Moreover, Qiwi plc recognized an impairment loss of 14.4 bln rubles ($160.6 mln) in 2023 due to the same reason. However, the group still seeks for Nasdaq listing, which has been suspended for two years already, and it plans to confirm the lack of violations on its side through the US Treasury’s Office of Foreign Assets Control (OFAC).

"Nasdaq halted trading of the company’s ADSs in 2022. In April 2023, Nasdaq has conditionally accepted the company’s plan of restructuring in order to avoid delisting of Qiwi ADSs. The company duly informed the Nasdaq Hearings Panel and the Nasdaq Staff on the completion of the restructuring process and the sale of its Russian operations. In response, the Panel requested the company to obtain an opinion from OFAC in order to allow the company’s ADSs trading suspension to be lifted. The company believes that following the sale of Russian operations, Qiwi plc is in compliance with the OFAC rules and the Nasdaq listing requirements. We intend to apply to OFAC for its confirmatory opinion. We understand the response from OFAC may take considerable time, although there is no indication on how long the process will take. Until the opinion is obtained the trading halt of Qiwi securities on Nasdaq will remain," the company said in its 2023 financial report.

Qiwi has also submitted its annual report on Form 20-F to the US Securities and Exchange Commission. It says, in particular, that Qiwi plc is against cancelling the deal on sale of assets. The statement follows a claim initiated by the Deposit Insurance Agency, which lodged a complaint against Qiwi plc itself, a Hong Kong-based company that currently owns Russian assets Fusion Factor Fintech Limited, and the Russian structure JSC Qiwi.

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