3 Jun 2022 10:55

MMK depositary receipts to leave LSE June 27

MOSCOW. June 3 (Interfax) - The listing of Magnitogorsk Iron & Steel Works' (MMK) global depositary receipts on the London Stock Exchange will be terminated as of June 27, the Russian steelmaker said.

MMK advised GDR holders to directly reach out to depository Citibank in line with the agreements with it.

MMK said earlier that the Russian government had rejected the company's application to continue its depositary receipt trading outside of Russia. MMK notified Citibank N.A. about the termination of the depositary agreement in accordance with its terms and conditions and requested that Citibank notify GDR holders of the GDR program's termination.

GDR holders have the right to convert their GDRs into the ordinary shares of MMK, where each GDR represents 13 ordinary shares of MMK, in accordance with the depositary agreement.