20 May 2022 12:46

MTS obtains permission to maintain ADR program, but for less than 2 months

MOSCOW. May 20 (Interfax) - MTS has secured official permission from the Russian government's Commission on Monitoring Foreign Investment to maintain its ADR program, the telecoms operator said in a statement.

According to the report, the permission has been granted through and including July 12, 2022.

The MTS press service did not comment on the reasons for why the permit was issued for such a period. Until now, permits limited to a certain date have been granted for at least one year, as for MTS shareholder Sistema and Nornickel , while for En+ it is valid through November 2024. Most permissions issued have been indefinite.

MTS American depositary receipts are traded on the New York Stock Exchange (NYSE) under the ticker MBT, ordinary shares - on the Moscow Exchange under the ticker MTSS. The company's free float is 42.2%. This includes 16.74% of MTS shares and ADRs representing 25.47% of shares.