Qiwi, an international payment system that runs a subsidiary of the same name in Kazakhstan, has completed its rebranding, changing its name to NanduQ. The company has also notified the Astana International Exchange (AIX) of the changes and launched a new website.
The final decision to change the company’s logo and name was made at the annual shareholder meeting on Feb. 6, although the company revealed this information only on Feb. 13.
«The name change does not impact the company’s business operations or its financial position. Holders of the company’s American depositary shares (ADSs) are not required to take any additional actions in connection with the abovementioned event,» the company stated in a press release.
From now on, NanduQ refers to itself as a provider of fintech services. The press release also explains the meaning behind the new name, stating that «Nandu» is a family group of flightless birds native to South America associated with agility, exoticism and energy, while the letter «Q» stands for quickness and quality. The fintech provider says that their new name «represents technological effectiveness and innovative spirit of the company’s business.»
All users of the company’s previous website will be redirected to the new domain. Furthermore, investors now may contact NanduQ via email at ir@nanduq.com.
The Committee on Uniform Security Identification Procedures (CUSIP) and the International Securities Identification Number (ISIN) codes for the company’s ADSs traded on the Moscow Exchange (MOEX) remain unchanged. Securities traded on the AIX now bear a new NNDQ ticker. All information about the market activities of the fintech provider is now published under the new name NanduQ.
The company initially announced its intention to change the name last July. In early 2024, Qiwi closed a $261.2 million deal to sell its assets in Russia. A month later, the Central Bank of Russia revoked the license of Qiwi Bank, one of the group’s key assets, citing money laundering and financing terrorism as grounds for the resolution.
Following this case, Qiwi wallet service users in Kazakhstan faced challenges in withdrawing funds. However, Qiwi Kazakhstan pledged that the liquidation of the Russian bank wouldn’t affect local clients, as the company is a part of the international Qiwi Plc group registered in Cyprus.
The company’s American depositary receipts (ADRs) are still circulating on the Moscow Exchange (MOEX). As of early September 2024, 71.3% of Qiwi’s shares were in free circulation. The largest shareholder of the company was its co-founder Sergey Solonin, who possessed 28.4% of shares and controlled 71.3% of voting rights.
Over the first six months of 2024, Qiwi reported a $5.6 million net loss, compared to a $10.3 million profit during the same period in 2023. The company explained this by noting that it used the Russian ruble as the primary currency for its financial statements until late 2023. Currently, all of its financial reporting is conducted in U.S. dollars.
