Qiwi trades on AIX but gets delisted from Nasdaq

Qiwi’s shares are traded under the QIWI ticker in U.S. dollars / Photo by Shutterstock

The Astana International Exchange (AIX) has announced that Qiwi, a payment service provider based in Cyprus, can now trade its American depositary shares (ADSs) at the exchange, which operates as part of the Astana Financial Centre’s (AIFC).

The company’s securities are traded in U.S. dollars under the QIWI ticker, although the group is in the process of changing its name to NanduQ.

At the same time, the Nasdaq Stock Market has resolved to delist Qiwi’s ADSs. This decision will take effect at the start of the trading session on Sept. 16, the company reported.

Nasdaq initially notified Qiwi of its plans to delist the payment service provider’s securities as early as March 2023. At the time, Qiwi successfully appealed the decision. The stock exchange agreed to keep the company listed as long as its business was split into Russian and international segments, according to Interfax Kazakhstan.

In late January 2024, Qiwi closed a $261.2 million deal to sell its Russian assets. The buyer was Fusion Factor Fintech, based in Hong Kong and controlled by Qiwi’s ex-CEO Andrey Protopopov.

A month later, the Central Bank of Russia revoked the license of Qiwi Bank, one of the group’s key assets. The organization was accused of money laundering and financing terrorism. After the dissolution of Qiwi Bank, its financial responsibilities were transferred to the Deposit Insurance Agency of Russia. In March, the agency decided to contest the sale of Qiwi’s Russian assets.

In June 2024, Nasdaq once again notified Qiwi of the impending delisting, granting the company a 15-day appeal period. The company requested an extension of the appealing deadline but was unable to meet the exchange’s requirements. Qiwi didn’t contest the decision on time, so it became final on Aug. 12, 2024.

The company’s American depositary receipts (ADRs) are still circulating on the Moscow Exchange (MOEX). Qiwi’s authorized capital includes 10.4 million Class A shares and 52.3 million Class B shares. One Class A share grants a shareholder 10 votes, while a class B share gives just one vote.

Currently, 71.3% of Qiwi’s shares are in free circulation. The largest shareholder is its co-founder Sergey Solonin, who possesses 28.4% of shares and controls 71.3% of voting rights.

After Qiwi Bank’s license was revoked, users of the Qiwi wallet service in Kazakhstan encountered issues and were unable to withdraw their funds. However, Qiwi Kazakhstan later reassured its customers that this problem would not impact them, as Qiwi Kazakhstan operates as part of the international business of Qiwi PLC.