Rostelecom says greenlights automatic conversion of ADRs

MOSCOW, Aug 16 (PRIME) -- Russian state-controlled telecom operator Rostelecom has notified its depository Citibank of consent to convert the company’s American depositary receipts (ADRs) automatically, the operator said late on Monday.

“ADR holders can also apply for forced conversion with regard to ADRs that are in the custody of foreign depositories and to those holders that are, due to restrictions, unable to carry out the conversion in any other way,” Rostelecom said.

“Any such holder wishing to make use of the forced conversion procedure has the right to file a request with Citibank by October 12, 2022, attaching documents to certify ownership of the ADRs and information about the foreign nominee holder, as well as any other relevant information,” the company said.

The receipts will be converted into ordinary shares after October 12.

The procedure and timeline for the automatic conversion process are set out in the relevant decision of the central bank’s board of directors as of July 22.

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