By Marcus Williams
TMK, Russia’s largest oil and gas pipe producer TMK, yesterday listed American Depositary Receipts (ADRs) on an over-the-counter(OTC) trading platform in the US.
Each TMK ADR, representing four ordinary shares, will trade on the OTCQX International Premier trading platform, the OTC market’s highest tier, under the symbol ‘TMKXY’.
Custodian Bank of New York Mellon., which acts as depositary for TMK’s ADR program, will serve as TMK’s principal American liaison.
TMK senior vice president Vladimir Shmatovich said the company has been planning to increase its presence in the world’s largest financial market since it began operating in the US.
“The next logical step in our commitment to improve the company’s transparency and stock liquidity was the listing of TMK ADRs on the OTCQX, which provides access to a wider range of retail and institutional investors,” Shmatovich said in a statement.
TMK Global Depositary Receipts (GDRs) are currently traded on the London Stock Exchange (TMKS) and common shares trade on the Russia’ RTS exchange.
