Company: FRHC
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0000924805-25-000002
Chunk: 187

Company: Freedom Holding Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Part I, Item 8
Chunk 187
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Table of ContentsFREEDOM HOLDING CORP.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(All amounts in thousands of United States dollars, except share data, unless otherwise stated)

NOTE 1 – DESCRIPTION OF BUSINESS

OverviewFreedom Holding Corp. (the "Company" or "FRHC" and, together with its subsidiaries, the "Group") is a corporation organized in the United States under the laws of the State of Nevada that through its operating subsidiaries provides securities brokerage, securities dealing for customers and for its own account, market making activities, investment research, investment counseling, investment banking services, retail and commercial banking, insurance products, payment services information processing services and lifestyle services. The Company also owns several ancillary businesses which complement its core financial services businesses, including telecommunications and media businesses in Kazakhstan that are in a developmental stage. The Company is the holding company of subsidiaries incorporated in Kazakhstan, Cyprus, the United States (USA), the United Kingdom (UK), Armenia, the United Arab Emirates, Uzbekistan, Kyrgyzstan, Tajikistan, Azerbaijan, and Turkey, and the Group also has a presence in Austria, Belgium, Bulgaria, France, Germany, Greece, Italy, Lithuania, The Netherlands, Poland and Spain. The Company's subsidiaries in the United States include a broker-dealer that is registered with the United States Securities and Exchange Commission ("SEC") and the Financial Industry Regulatory Authority ("FINRA"). The Company's common stock is traded on the Nasdaq Capital Market, the Kazakhstan Stock Exchange ("KASE"), and the Astana International Exchange ("AIX").As of December 31, 2024, the Company owned, directly or indirectly, the following companies:Name of subsidiaryJurisdiction of IncorporationNumber of subsidiariesBusiness AreaBrokerage SegmentFreedom Finance JSC  ("Freedom KZ")Kazakhstan3Securities broker-dealerFreedom Finance Global PLC ("Freedom Global")Kazakhstan—Securities broker-dealerFreedom Finance Europe Limited ("Freedom EU")Cyprus2Securities broker-dealerFreedom Finance Armenia LLC ("Freedom AR")Armenia—Securities broker-dealerPrime Executions, Inc. ("PrimeEx")USA—Securities broker-dealerForeign Enterprise LLC Freedom FinanceUzbekistan—Securities broker-dealerFreedom Broker LLCKyrgyzstan—Securities broker-dealerBanking SegmentFreedom Bank Kazakhstan JSC ("Freedom Bank KZ")Kazakhstan2Commercial bankFreedom Bank Tajikistan CJSC ("Freedom Bank TJ")Taj