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PREPAYMENT ON ACQUISITION | 6 Months Ended
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Sep. 30, 2020
PREPAYMENT ON ACQUISITION |
NOTE 10 - PREPAYMENT ON ACQUISITION | NOTE 10 - PREPAYMENT ON ACQUISITION In August 2020, we announced that we entered into an agreement to acquire all of the issued and outstanding ordinary shares of Bank Kassa Nova from ForteBank. As of September 30, 2020, the Company prepaid $4,170 toward the purchase price. On September 23, 2020, we entered into an agreement to acquire all of the issued and outstanding preferred shares of Bank Kassa Nova, subject to certain conditions to closing. The Company also expects to enter into an agreement to acquire the subordinated debt of Bank Kassa Nova from the holders thereof in connection with closing the Bank Kassa Nova acquisition. Bank Kassa Nova was established in 2009 and currently has nine branch offices across Kazakhstan. The acquisition of Bank Kassa Nova is expected to enhance the Company’s financial services offerings in Kazakhstan where its subsidiary Freedom KZ currently operates 16 retail brokerage offices serving Kazakhstani clientele. Closing of the Bank Kassa Nova transaction is contingent upon, among other things, receipt of necessary governmental approvals of the transaction in Kazakhstan, which we expect to occur by the end of the calendar year. Upon completion of the transaction Bank Kassa Nova will become a wholly owned subsidiary of Freedom KZ.

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