Qiwi splits its Kazakh and Russian businesses to stay listed on Nasdaq

In an effort to restructure its business, the Qiwi payment system has separated its international business from its business in Russia. The company did so to deliver on its promise to separate its international business from assets in Russia to keep its listing on Nasdaq.

As a result of the restructuring, the group’s enterprises within Russia are now controlled by Qiwi JSC registered in Moscow. On the other hand, Qiwi plc registered in Cyprus will supervise the company’s business in Kazakhstan.

Even though Qiwi plc still has some indirect control over its Russian assets through Qiwi JSC, it is going to complete the process by August 30, the company said in a statement.

Qiwi’s American Depository Shares (ADS) are listed on both Nasdaq and Moscow Exchange. On February 28, 2022, Nasdaq suspended Qiwi’s ADS from being traded on the exchange due to Western sanctions imposed against Russia after its full-scale invasion of Ukraine. In March 2023, Nasdaq informed Qiwi that its shares would be delisted. However, the exchange later agreed not to delist the company on the condition that Qiwi separate its international business from business in Russia.

Qiwi Group includes the Qiwi payment system, Qiwi Bank and the Contact money transfer system, among other assets. According to Qiwi, the restructuring won’t affect the work of its services.