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MRSK makes one-fifth of its shares available in London
Mon, 21 May, 2012
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MRSK makes one-fifth of its shares available in London
Mon, 12 Dec 2011, 16:41:00
MRSK Holding
, the largest electricity distribution company in Russia, said its global depositary receipts (GDRs) are now trading on the London Stock Exchange (LSE). The listing started on December 8th. The total number of GDRs to be admitted to trading on the LSE represents 8,593m ordinary shares of the company, about one-fifth of the total shares in issue. The group's chief executive officer, Nikolay Shvets, described the London listing as "an important milestone in our history." Each GDR represents 200 ordinary shares in MRSK. The Bank of New York Mellon is acting for the depositary bank for the company's GDRs. "One of our priorities is to create conditions for attracting investments into the Russian electricity distribution system. Listing on the London Stock Exchange creates new opportunities for increasing the liquidity in our securities, as well as for the expansion and diversification of our investor base," Shvets said. Depositary receipts are commonly used to make it easier for investors in one country to buy shares in a company which has its primary listing in another country. --
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