Fix Price has re-domiciled to AIFC
Fix Price Group PLC has re-registered from Cyprus to the Astana International Financial Centre (AIFC). The process of relocation – redomiciliation[1] – means that the company changes jurisdiction while retaining the status of a legal entity with all the business structure and existing contracts and obligations of the company.
The redomiciliation of Fix Price to the AIFC took place in June this year. This event was preceded by almost a year of coordination work between the company and AIFC.
The Fix Price Group holding company and its local subsidiaries operate more than 6.5 thousand stores under the international Fix Price brand in 9 countries, with Russia, Belarus and Kazakhstan being the largest markets. In Kazakhstan, the chain operates more than 300 outlets through its local subsidiary Best Price Kazakhstan LLP and employs 1.9 thousand people.
AIFC Governor Renat Bekturov: “The Centre’s high compliance standards and internationally recognised regulatory approaches create an environment that ensures fair and transparent financial and capital markets within the country and in the region, attracting businesses to the jurisdiction. Fix Price, as a large public company with high capitalisation, strengthens AIFC’s position as a favorable jurisdiction for international companies, including attracting new investors and stakeholders to the region.”
According to Fix Price, redomiciliation to Kazakhstan will expand opportunities of Fix Price Group to attract capital and new investors and will simplify the process of work with existing stakeholders. Besides advantages for the company itself, Fix Price hopes that inclusion of its securities will contribute to further development of AIFC as a significant financial hub in the region.
Fix Price Group PLC became the seventh company to be redomiciled from another jurisdiction to the AIFC. The first time was in 2019, when Kazakhstan Energy Reinsurance Company redomiciled to AIFC from the jurisdiction of Bermuda. Last year, mining giant Polymetal International Plc (Solidcore Resources plc from June 2024) moved to the Centre, as well as holding companies Tselina Capital Limited and Cheltenham Group Limited. Two more companies redomiciled this year – Specta Group Ltd. and KAZ Minerals Holding Limited.
Reference:
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Over 2,900 firms from 78 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan’s economy. https://aifc.kz/
Contact information:
Public Relations and Communications Division of AFSA: +7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]
[1] redomiciliation is the “relocation” of a legal entity from one jurisdiction to another, in accordance with the applicable laws of both jurisdictions, while retaining the status of a legal entity and not terminating its activities.
