Argentina's YPF Says It's Fulfilling NYSE's Listing Rules

Date : 06/29/2012 @ 2:14PM
Source : Dow Jones News
Stock : Ypf Sociedad Anonima (YPF)
Quote : 23.89  0.0 (0.00%) @ 4:00AM

Argentina's YPF Says It's Fulfilling NYSE's Listing Rules

Y P F Sociedade Anon (NYSE:YPF)
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By Taos Turner

BUENOS AIRES--Argentina's state-run oil and gas company, YPF SA (YPF, YPFD.BA), said Friday it is now fully complying with listing requirements at the New York Stock Exchange.

The company stopped meeting the NYSE's compliance requirements earlier this year after Argentine President Cristina Kirchner said her government would expropriate a 51% stake in the company from its majority owner, Spain's Repsol YPF SA (REP.MC), to make it a state-run oil producer.

In May, when the government took the stake, YPF said that if it failed to meet NYSE rules it could face the suspension or delisting of its shares. But that didn't happen.

"YPF was notified by the New York Stock Exchange that after the designation of a new board of directors and the subsequent composition of an Independent Auditing Committee, the company is now in compliance with all the corporate governance requirements of the NYSE," YPF said in a statement.

YPF will no longer be traded as a "below compliance" company, YPF said in its statement. YPF said the change in status confirms Chief Executive Miguel Galuccio's interest in continuing to have YPF trade in New York as well as on the local stock exchange.

YPF's American depositary shares were recently up 3.7% at $12.19 in afternoon trading Friday. Still, YPF's year-to-date decline totals about 65%.

-Write to Taos Turner at taos.turner@dowjones.com

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