Photo: freedomholdingcorp.com, photo editor: Dastan Shanay
Freedom Holding Corp. (FRHC) has announced that its shares will be included in the Russell 3000 index, which seeks to be a benchmark of the entire U.S. stock market.
Freedom Holding Corp. will officially be added after the market close on June 27. The Russell 3000 comprises more than 3,000 publicly traded companies and is designed to represent approximately 98% of the investable U.S. equity market. According to Freedom Holding Corp., inclusion in the index could raise the profile of the company among investors and lead to higher liquidity thanks to index-tracking global investment funds, such as the iShares Russell 3000 ETF (IWV) and the Vanguard Russell 3000 ETF (VTHR).
“The inclusion of Freedom Holding Corp. in the prestigious Russell 3000 index is a major milestone for us, affirming the company’s sustainable growth and strengthening its position in global financial markets. This recognition reflects the hard work and dedication of our entire team, as well as our ongoing commitment to creating value for shareholders. We are confident that this event will raise the company’s profile among institutional investors, expand our shareholder base, and reinforce our role as a key player in the financial industry,” Timur Turlov, CEO of Freedom Holding Corp., was quoted as saying in the press release.
Russell 3000 inclusion means the company will join either the large-cap Russell 1000 or the small-cap Russell 2000, along with the corresponding growth or value index. It remains to be seen where FRHC will be placed. This will be announced only in June as part of regular index rebalancing updates.
Turlov is the founder and largest shareholder of Freedom Holding Corp. with a 69.52% stake. As of mid-April, his net worth was estimated at $7 billion, making him the richest person in Kazakhstan, according to Forbes. Since the beginning of the year, the share price of FRHC has risen more than 25%. The company’s market capitalization now exceeds $10 billion, surpassing that of Kazatomprom, the world’s largest natural uranium producer.
Earlier this week, Freedom Holding Corp. was named the most attractive employer among Kazakhstani financial companies in a ranking by Ancor, a staffing agency.
Freedom Holding Corp. is registered in the U.S. It offers brokerage services through Freedom Broker and Freedom Finance Global. Other subsidiaries operating in Kazakhstan include Freedom Bank, Freedom Insurance, and Freedom Life.
