MMK did not receive permission to keep the listing of receipts abroad

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MMK has not received permission from the government commission to keep the listing of its depositary receipts abroad. it is reported by Interfax.

The company's GDRs   are traded on the London Stock Exchange.

“MMK submitted an application to the Russian government to continue the circulation of depository receipts outside the Russian Federation in accordance with Law 114-FZ, however, on May 13, 2022, this application was rejected, of which MMK was notified on May 19, 2022,” the company said.

Today, May 25, MMK informed Citibank NA of the termination of the depository agreement and instructed the depositary to inform GDR holders of the termination of the depositary receipt program.

MMK plans to keep the listing of receipts on the London Stock Exchange MMK , Metals and mining , Shares , Depository receipt

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A security tied to the shares of a particular company and issued by a bank (depository bank). The main opportunity that a depositary receipt gives an investor is the opportunity to practically own shares of a foreign company, but at the same time remain within the framework of the legislation of the depositary bank. For example, an American Depository Receipt (ADR) for the shares of a Russian company is, on the one hand, an American security, the trade of which is regulated by American law, on the other hand, it gives the right to a share of profits and the right to vote at a meeting of shareholders of a Russian company