Novatek, Polyus Get Russia's Approval to Continue Global Depositary Receipt Programs -- Update
May 13 2022 - 10:30AM
Dow Jones News
By Jaime Llinares Taboada
Gas producer Novatek and gold miner Polyus PJSC said Friday that
the Russian government has authorized them to continue with their
global depositary receipt programs outside of Russia.
Earlier this month, Novatek had submitted a request to continue
with its GDR program.
Polyus said that the permission covers its DRs listed on the
London Stock Exchange, and that it will separately evaluate listing
options on stock exchanges in other jurisdictions. The company has
American Depositary Receipts listed on the U.S. OTC market.
On March 3, the London Stock Exchange suspended trading of
Novatek and Polyus GDRs alongside those from other companies with
strong ties to Russia.
The Russian government passed a law on April 16 preventing
ordinary shares underlying the GDRs from having voting rights and
receiving dividends.
On April 29, Moscow-controlled gas producer Gazprom PJSC said it
was terminating its GDR programs after the Russian government
rejected its request to continue with the circulation of its GDRs
outside of Russia.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 13, 2022 10:15 ET (14:15 GMT)
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