Inter RAO to halt listing GDRs abroad

MOSCOW. May 5 (Interfax) - PJSC Inter RAO has notified The Bank of New York Mellon that it intends to terminate the company's GDR program as of July 21, 2022, the United States-based bank said in a statement.

Receipt holders will be able to convert their GDRs into ordinary shares, though this requires an account in Russia. The Bank also warns its clients that there is currently a ban on the sale of shares by non-residents in the Russian Federation. Consequently, the depositary may not be able to sell or receive any value of the underlying shares.

Inter RAO launched the GDR program in 2008. One GDR of the company represents 100 shares.

As at the end of 2020, the size of the Inter RAO GDR program was 0.014% of the charter capital.

Inter RAO is a diversified energy holding that manages assets in Russia, Europe and the Commonwealth of Independent States (CIS), and it is also the only Russian electricity export-import operator. The total capacity of Inter RAO's power plants is 30.7 GW.

Rosneftegaz is the principal shareholder of Inter RAO with 27.63%, PJSC FGC UES owns 8.57%, Inter RAO Capital holds 29.56%, and the remaining 34.24% is in free float.