US' Freedom Finance sums up results for 2019 in Uzbekistan
BAKU, Azerbaijan, Dec. 28
By Fakhri Vakilov - Trend:
US' Freedom Finance company in Uzbekistan held a press conference at which the main events were highlighted and the results of the company’s activities for 2019 were summarized, Trend reports citing the Uzbek media.
The most significant event of the past year for Freedom Finance in Uzbekistan was the participation in the SPO (special payment order) of the largest glass producer - Quartz JSC as the official underwriter of the transaction along with the local broker - Portfolio Investments. The initiator of the sale of securities was the State Asset Management Agency. In total, according to the results of SPO, 5 percent of the state block of shares was placed.
As part of the SPO Quartz, it was planned to sell 4,822,460 shares. According to the "Toshkent" Republican Stock Exchange, 2,153 applications for 4,890,179 shares were received, which exceeded the volume of securities offered for subscription by 1.40 percent. The total amount of funds raised stood at $1.6 million.
Freedom Finance attracted 1,700, for 3,973,716 shares, ensuring the sale of securities by 82.4 percent. The amount of funds raised through Freedom Finance amounted to $1.3 million. It is worth noting that SPO Quartz JSC is the largest by far in terms of volume of shares offered for sale in monetary terms.
In October of year, the parent holding company Freedom Holding Corp., which also includes Freedom Finance in Uzbekistan, went through the listing process on the Nasdaq Capital Market, and trading in common shares of Freedom Holding Corp began in New York under the “FRHC” ticker, which is a clear confirmation that the company adheres to the highest professional standards and meets the global criteria for the reliability of financial institutions.
The company seeks to introduce the best international experience in the stock market of Uzbekistan. So, in April 2019, joint projects with Uzpromstroybank JSC (Investor Day) and Quartz JSC (Issuer Day) were carried out with support of the Capital Market Development Agency, the State Assets Management Agency of Uzbekistan, the Central Securities Depository and "Toshkent".
Such events provide openness and desire of issuers towards "transparency", and informing minority investors about the long-term plans of issuing companies and familiarity with the analysis of cases will increase their trust and understanding.
In January of this year, Freedom Finance was awarded the title of “Best Investment Intermediary of 2018” according to the results of the annual competition “Best in the capital market”, which is held annually in accordance with paragraph 13 of the Program of measures approved by the Decree of Uzbekistan’s President Shavkat Mirziyoyev “On measures to introduce modern methods of corporate governance in Joint Stock Companies” dated April 24, 2015.
The main mission of Freedom Finance in Uzbekistan is enlightenment in the field of investment among the general population. Especially for those who want to better understand how the stock market works, learn how to weigh their risks and earn money, Freedom Finance continues to hold free workshops on “The Art of Investing” and “Financial Tasting” in 8 cities of Uzbekistan.
Freedom Finance in Uzbekistan is part of Freedom Holding Corp. (US). The holding provides financial activities, retail brokerage, investment advice, securities trading, investment banking and underwriting services through its subsidiaries Freedom Finance in Eastern Europe and Central Asia. The company is a professional member of the Kazakhstan Stock Exchange (KASE), Astana International Exchange (AIX), Moscow Exchange (MOEX), St. Petersburg Exchange (SPB), "Toshkent" Republican Stock Exchange (UZSE) and Ukrainian Exchange.
The head office of the company is located in Almaty (Kazakhstan) with additional offices in Russia and the USA. The company serves more than 100,000 customers through 70 branches in Kazakhstan, Russia, Kyrgyzstan, Ukraine, Uzbekistan, Germany and Cyprus and provides them with the opportunity to work with TraderNet, a mobile platform for trading and accounting activities.
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