Severstal Obtains Permission to Maintain GDR Program
By Kyle Morris
Severstal PAO said Wednesday that the Russian government has
granted it permission to maintain its global depository receipts at
stock exchanges outside of Russia.
The Russian steelmaker--which is majority owned by Alexey
Mordashov, a Russian oligarch sanctioned by the EU and U.K.--said
the rights of GDR holders will continue to be determined in
accordance with the relevant agreements. GDR holders will continue
to receive dividends and have voting rights.
The trading of Severstal's GDRs in London is currently suspended
by the London Stock Exchange.
The Russian government passed a law on April 16 preventing
ordinary shares underlying the GDRs from having voting rights and
In recent days, companies including gas producer Novatek, gold
miner Polyus PJSC and steelmaker Novolipetsk Steel have also been
granted permission to continue trading its depositary receipts
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(END) Dow Jones Newswires
May 18, 2022 09:27 ET (13:27 GMT)
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