JSC Holding MRSK, a management company established from the spin-off of RAO UES of Russia, has selected The Bank of New York Mellon, a provider of asset management and securities servicing, as the depositary bank for its global depositary receipt ordinary and preferred programmes.
For both the ordinary and preferred global depositary receipt (GDR) programmes, each JSC Holding MRSK GDR represents 400 ordinary shares respectively. The ordinary and preferred shares trade on the Moscow Interbank Currency and on the Russian Trading System under the symbol MRKH. The JSC Holding MRSK GDRs and shares have not been registered under the US Securities Act of 1933 and may not be offered or sold in the US absent registration or an applicable exemption from the registration requirements.
JSC Holding MRSK will take a controlling stake in all interregional distribution grid companies (IDGCs). JSC Holding MRSK holds controlling stakes in IDGC of Centre, IDGC of Center & Volga Region, IDGC of North-West, IDGC of Volga, IDGC of South, IDGC of northern Caucasus, IDGC of Ural, IDGC of Siberia, IDGC of Moscow, Lenenergo, Tyumenenergo, regional distributors Kubanenergo and Tomsk, and others.
Michael Cole-Fontayn, CEO of The Bank of New York Mellon’s depositary receipt division, said: As the leading depositary bank, we look forward to helping JSC Holding MRSK and other newly formed companies resulting from the RAO UES spin-off to increase their international profile in the years ahead. The establishment of JSC Holding MRSK marks the end of the most complex corporate action to date involving depositary receipts, and The Bank of New York Mellon is proud to have played a fundamental role in the broad restructuring of Russia’s energy sector.
