En+ applies to keep GDR listing abroad

MOSCOW. May 5 (Interfax) - En+ has requested permission from the Russian government to keep its global depositary receipt (GDR) listing abroad on May 4, the energy and metals company said.

Law N114-F3 entered into effect on April 27, banning the placement of depositary receipts for the securities of Russian companies on foreign trading floors and mandating delisting of existing ones. Holders of depositary receipts from Russian issuers will receive shares in their place.

Russian companies were given the possibility of preserving their depositary programs by filing the relevant request with the Russian Ministry of Finance before May 5. The decision to keep a listing or not will be made by a sub-commission of the government commission overseeing foreign investments, and it can do so not only at the request of Russian issuers, but also independently without any request.

Companies that have expressed a desire to keep their depositary receipt programs include NLMK Group , Magnitogorsk Iron & Steel Works , Lenta , AFK Sistema , and PhosAgro .