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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