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Freedom Holding Corp. (symbol: FRHC) is a prominent player in the securities industry, offering a comprehensive range of financial services through its subsidiaries. These services include retail securities brokerage, research, investment counseling, securities trading, market making, corporate investment banking, and underwriting services. The company operates across several key international markets including Central Asia, Europe, the United States, and the Middle East/Caucasus, with Europe contributing the majority of its revenue.
Freedom Holding Corp. provides investment brokerage services for a diverse array of financial instruments such as exchange-traded and over-the-counter corporate equity and debt securities, money market instruments, exchange-traded options and futures contracts, government bonds, and mutual funds. Additionally, the company offers margin lending services, which are collateralized by securities and cash in the customer's account.
To support its clients' investment decisions, Freedom Holding Corp. offers various investment education and training courses alongside comprehensive investment research services. The company also delivers capital raising solutions for corporate clients through initial public offerings (IPOs) and follow-on offerings. Its debt capital markets solutions are tailored to structure and distribute private and public debt for a variety of purposes, including buyouts, acquisitions, growth capital financings, and recapitalizations.
Freedom Holding Corp. is an active participant on several major exchanges, including the Kazakhstan Stock Exchange (KASE), Moscow Exchange (MOEX), Saint-Petersburg Exchange (SPB), the Ukrainian Exchange, the Uzbek Republican Currency Exchange (UZCE), and the Republican Stock Exchange of Tashkent (UZSE). This extensive network reflects the company’s strategic focus on providing robust financial services and expanding its market presence across Eurasia.
Freedom Holding Corp. (Nasdaq: FRHC) announced that its European subsidiary, Freedom Finance Europe, has gained direct membership with EuroCCP, a key player in Europe's clearing and settlement space. This membership allows for the settlement and execution of client orders through Euroclear, enhancing trade confidence and settlement reliability. This move is expected to bolster Freedom Finance Europe's reputation in the European financial market, as highlighted by Evgeny Tyapkin, executive director of Freedom Finance Europe.
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Freedom Holding Corp. (Nasdaq: FRHC) has announced a definitive agreement to sell its Russian subsidiary, Investment Company Freedom Finance LLC, and its bank FFIN Bank LLC, to Maxim Povalishin, pending approval from the Central Bank of Russia. The deal involves a cash payment of approximately US$33 million and transferring an obligation of about RUB 6.6 billion (around US$107 million). The sale aims to allow Freedom Holding to focus on growth in Kazakhstan and other markets amidst challenging geopolitical conditions.
Freedom Holding Corp. (NASDAQ: FRHC) has appointed Deloitte LLP as its independent registered public accounting firm for the fiscal year ending March 31, 2023. This decision was announced in an 8-K filing and reflects the company’s commitment to robust financial oversight. Deloitte previously audited certain subsidiaries of Freedom Holding, replacing the U.S.-based firm WSRP, LLC. The company operates in 14 countries offering various financial services. The transition aims to enhance audit quality and corporate governance.
Freedom Holding Corp. (NASDAQ:FRHC) and MKM Holdings LLC have mutually agreed to terminate the acquisition of MKM Partners LLC due to adverse business and market conditions stemming from international geopolitical issues. The decision comes despite previous excitement over potential synergies and benefits for clients and employees. CEO Timur Turlov stated the focus will continue on exploring other opportunities in the U.S. market while allowing MKM Partners to remain independent during this unstable period.
Freedom Holding Corp. (NASDAQ:FRHC) announced a downgrade in credit ratings by S&P Global Ratings for its subsidiaries due to the adverse effects of the Russia-Ukraine conflict. The long-term issuer credit ratings for Freedom Finance JSC and other subsidiaries were lowered to "B-" and "CCC-" for Investment Company Freedom Finance. S&P's action reflects anticipated weaker business prospects and potential currency translation losses. Despite these challenges, CEO Timur Turlov indicated continued operations in Kazakhstan and other regions, maintaining a healthy liquidity position.
Freedom Holding Corp. (NASDAQ:FRHC) announced its subsidiary, JSC Freedom Finance, received regulatory approval to become an insurance holding company from Kazakhstan's financial market regulator. This approval allows for the acquisition of Freedom Finance Insurance JSC and Freedom Finance Life JSC, expected to complete before the fiscal year ends on March 31, 2022. The acquisitions aim to expand consumer financial services in Kazakhstan through popular insurance products, enhancing synergies with existing banking and brokerage operations.
Freedom Holding Corp. (NASDAQ:FRHC) announced that its US subsidiary, Prime Executions, Inc., has received FINRA approval for expansion into capital markets and investment banking activities. This marks a significant milestone for Prime Executions, allowing it to engage in underwriting and mergers and acquisitions advisory. Company executives expressed optimism about the growth potential in the US market, highlighting the subsidiary's established presence and expertise as a NYSE brokerage firm.
Freedom Holding Corp. (NASDAQ:FRHC) announced that its subsidiary, JSC Freedom Finance, has been named the top investment bond bookrunner in Kazakhstan for 2021 by Cbonds. The firm raised KZT516 billion, accounting for 35.76% of total funds, and led in both the number of issuers (15) and bond issues (29). Director Renat Syzdykov emphasized the significance of this achievement for their investment banking division, highlighting a market distribution of 42.85% for local bonds, totaling over KZT473 billion. These accomplishments reflect the firm's commitment to economic growth in Kazakhstan.
Freedom Holding Corp. (FRHC) has been honored with two prestigious awards for 2021: Best Research House and Most Innovative Securities Brokerage in Kazakhstan by International Finance. This recognition underscores the company's commitment to excellence in market research analytics, led by a skilled team. Additionally, its subsidiary Freedom Finance JSC received a 2021 Champions League bronze award for its achievements in the fixed income market, reflecting significant growth in their services.
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