Press release from PR Newswire
BNY Mellon Appointed as Successor Depositary Bank by JSC Federal Grid Company
Tuesday, July 23, 2013
BNY Mellon Appointed as Successor Depositary Bank by JSC Federal Grid Company08:35 EDT Tuesday, July 23, 2013
NEW YORK, July 23, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed as the successor depositary bank for the Global Depositary Receipt (GDR) program of JSC Federal Grid Company of Unified Energy System. Each Federal Grid Company GDR represents 500 ordinary shares and trades on the London Stock Exchange under the symbol "FEES." Federal Grid Company's ordinary shares trade on the Moscow Exchange under the symbol "FEES."
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system, which consists of more than 131,000 kilometers of transmission lines. Federal Grid provides electricity transmission and technological connection services and maintains and develops grid facilities and infrastructure, providing electricity in 75 regions of Russia, an area of 14.8 million square kilometers. Its customers are regional distribution companies, electricity suppliers, and large industrial enterprises.
"Developing our relations with international investors is a key priority for our company," said Andrey Kazachenkov, Federal Grid's First Deputy Chairman of the management board. "Given the role that the depositary program can play in expanding the potential investor base, we are hopeful that working with the market leader will serve to significantly increase the liquidity of our GDRs on the London Stock Exchange, as well as enhance the investment attractiveness of Federal Grid Company for international capital markets."
"Federal Grid's decision to switch to BNY Mellon as depositary is testament to our unmatched service and track record," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "We will work closely with the company to broaden its outreach to the global investment community as it strives to diversify its shareholder base and attract more global investors."
The Federal Grid Company GDRs have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S., absent registration or an applicable exemption from the registration requirements.
BNY Mellon acts as depositary for more than 2,700 American and global depositary receipt programs, acting in partnership with leading companies from 68 countries. BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services. Learn more at www.bnymellon.com/dr
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2013, BNY Mellon had $26.2 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at bnymellon.com, or follow us on Twitter @BNYMellon.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon
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