ACQUISITIONS OF SUBSIDIARIES

9 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS OF SUBSIDIARIES

ACQUISITIONS OF SUBSIDIARIES

Acquisition of Aviata

Aviata's preeminent position in the air and rail ticketing sectors makes it an important strategic asset to the Group as it works to develop a comprehensive digital fintech ecosystem in Kazakhstan.

On April 26, 2023, the Company completed the acquisition of Aviata by purchasing 100% of its outstanding shares.

As of April 26, 2023, the date of the acquisition of Aviata, the fair value of net assets of Aviata was $9,523. The total purchase price was allocated as follows:

	As of April 26, 2023
ASSETS
Cash and cash equivalents	$	448
Restricted cash	105
Brokerage and other receivables	1,313
Loans issued	1,078
Fixed assets	63
Intangible assets	8,779
Other assets	1,221
TOTAL ASSETS	13,007
LIABILITIES
Trade payables	1,606
Current tax liabilities	14
Other liabilities	1,864
TOTAL LIABILITIES	3,484
Net assets acquired	9,523
Goodwill	21,795
Total purchase price	$	31,318

Acquisition of Internet-Tourism

As of April 26, 2023 the Company completed the acquisition of Internet-Tourism by purchasing 100% of its authorized capital. The Company acquired Internet-Tourism in order to accelerate its growth in digital sector.

As of April 26, 2023, the date of the acquisition of Internet Tourism LLP, the fair value of net assets of Internet-Tourism was $1,359. The total purchase price was allocated as follows:

	As of April 26, 2023
ASSETS
Cash and cash equivalents	$	523
Brokerage and other receivables	838
Loans issued	62
Fixed assets	89
Intangible assets	959
Other assets	591
TOTAL ASSETS	3,062
LIABILITIES
Trade payables	644
Other liabilities	1,059
TOTAL LIABILITIES	1,703
Net assets acquired	1,359
Goodwill	640
Total purchase price	$	1,999

Acquisition of Arbuz

As of March 31, 2023, the Company held a 25% equity interest in Arbuz. On April 14, 2023, the Company acquired an additional 5.42% of Arbuz's shares. On May 22, 2023, the Company purchased a further 8.36% of Arbuz's shares, resulting in a total equity interest of 38.78% in Arbuz. With the inclusion of Timur Turlov's individual ownership interest in Arbuz of 18.08% that was acquired before March 31, 2023, the Company effectively obtained control over Arbuz with its purchase on May 22, 2023. During three months ended December 31, 2023, the Company acquired additional 12.81% of Arbuz's shares resulting in total equity interest of 94.73% in Arbuz.

The fair value of Arbuz on the date of the acquisition was $11,685. The total purchase price was allocated as follows:

	As of May 22, 2023
ASSETS
Cash and cash equivalents	$	731
Brokerage and other receivables	591
Fixed assets	2,383
Intangible assets	15,154
Loans issued	157
Right-of-use asset	1,097
Other assets	5,002
TOTAL ASSETS	25,115
LIABILITIES
Trade payables	2,559
Current tax liabilities	11
Lease liability	1,186
Other liabilities	9,674
TOTAL LIABILITIES	13,430
Net assets acquired	11,685
Goodwill	14,961
Purchase price	13,281
Revaluation of purchase price previously held interest	1,040
Fair value of NCI	12,325
Total purchase price	$	26,646

Acquisition of ReKassa

As of July 26, 2023 the Company completed the acquisition of ReKassa by purchasing 90% of its authorized capital. The Company acquired ReKassa in order to accelerate its growth in digital sector.

As of July 26, 2023, the date of the acquisition of ReKassa, the fair value of net assets of ReKassa was $2,555. The total purchase price was allocated as follows:

	As of July 26, 2023
ASSETS
Cash and cash equivalents	$	654
Brokerage and other receivables	125
Loans issued	177
Fixed assets	14
Intangible assets	1,679
Other assets	11
TOTAL ASSETS	2,660
LIABILITIES
Trade payables	15
Lease liabilities	42
Other liabilities	48
TOTAL LIABILITIES	105
Net assets acquired	2,555
Goodwill	560
Purchase price	2,600
Non-cash consideration	259
Fair value of NCI	256
Total purchase price	$	3,115