Novatek receives permission to maintain GDR listing on London Stock Exchange
MOSCOW. May 13 (Interfax) - The Russian Government Commission for Monitoring Foreign Investment has allowed Novatek not to terminate its program of global depositary receipts and continue their circulation outside Russia, the company said in a statement.
Several major issuers with foreign listings had earlier reported filing a request with the commission, but Nornickel was the first to disclose a positive ruling by the authorities. There have been cases where requests were rejected, with a negative outcome reported by Gazprom .
Novatek requested permission on May 5 and reported that the circulation of the company's global depositary receipts (GDRs) outside of Russia is currently ongoing.
Novatek has permission to circulate 29.99% of its charter capital outside Russia.