Discover how Freedom Holding Corp, under the leadership of Timur Turlov, expands investment opportunities by cross-listing its shares on the Astana International Exchange (AIX). Learn about the company’s global presence, innovative services, and commitment to Kazakhstan’s investment potential.
Freedom Holding Corp (FRHC), the Nasdaq-listed diversified financial services company from Kazakhstan, has created another opportunity to invest in its business by cross-listing its ordinary shares on the Astana International Exchange (AIX). Founded in 2008 by Timur Turlov, the small investment company has grown into an international financial group with offices in 20 countries and was listed on the NASDAQ stock exchange in 2019. Since then, the value of the company has increased fivefold.
“The cross-listing of our shares on the AIX is an important step for us. Our strategy is aimed at developing and expanding the investment potential of Kazakhstan. Listing on the AIX will open up new opportunities for our clients and private investors in the country,” said Sergey Lukyanov, chairman of the board of directors of Freedom Finance Global.
The shares are fully interchangeable between the NASDAQ and AIX.
The AIX operates under the principles of English law, which provides a safe investment environment. The exchange’s shareholders include the Astana International Financial Centre, the Shanghai Stock Exchange, the Silk Road Fund and NASDAQ, which also provides the AIX trading platform.
With the listing of Freedom Holding Corp, AIX customers will have the opportunity to diversify their equity investments, said Birzhan Astayev, chief markets and products officer of the Astana Exchange. He describes Freedom Holding as “a fast-growing and ambitious company”.
Freedom Holding Corp. is expanding its global presence and already has operations in the United States, Cyprus, Poland, Spain, Uzbekistan, Azerbaijan and other countries. Following the opening of new representative offices in Austria, Belgium, Bulgaria, Italy and the Netherlands in FY2024, the bank plans to open representative offices in Lithuania, the Czech Republic and Denmark in FY2025.
However, Timur Turlov, who is the controlling shareholder with a stake of around 70%, and his team also remain firm believers in Kazakhstan’s investment potential and are building a diversified fintech ecosystem in the country. While the brokerage and banking businesses are prioritised and account for around 75% of revenues, Freedom Holding Corp continues to invest in innovation and digitalisation, including AI-based solutions, and service companies.
The financial services ecosystem includes retail banking and brokerage, investment advisory, securities trading, investment banking and underwriting services. The Freedom ecosystem also facilitates the daily lives of citizens through a wide range of services, such as the sale of airline tickets and the purchase of tickets for events.
For those with no experience of trading on the stock exchange, there is still an opportunity to become a shareholder in Freedom Holding Corp. The company has launched an innovative cashback programme, offering a share of the company’s profits to anyone who pays with a Freedom Bank card.
“Whenever a customer pays with their Freedom Bank card, they receive a percentage cashback which can be converted into a new Freedom currency, which in turn can be converted into shares of Freedom Holding Corp. (FRHC), effectively making the customer a shareholder. The value of the new Freedom currency is 1/10,000 of the price of one share in the company,” said Turlov.
Currently, FRHC is trading at $83.67 per share.
Freedom Holding Corp reported a record year for both revenues and earnings for fiscal year 2024, with revenues increasing 105% year-over-year to approximately $1.6 billion; and net profit of $375 million, up 82% from $206 million in 2023. Basic and diluted earnings per share nearly doubled to $6.37 and $6.33, respectively, from $3.50 and $3.45 in 2023.
