20 November 2003 03:40
Mosenergo for new ADR program for spin-off companies
MOSCOW. Nov 20 (Interfax) - The management of Moscow power company Mosenergo is suggesting new American Depository
Receipt programs for those companies to be set up during the company's reformation.
"Every separate company will have a new ADR program, the corresponding talks have been held with Bank of New
York and they are ready to do this," the company's assistant general director Dmitry Vasilyev said at a
Thursday conference in Moscow.
Management considers it necessary to retain the ADR program. The
program imposes certain obligations on the company during its
ADR holders will then decide what to do with them, he said. "We think this is important for the company's
future," he said.
restructuring.
There needs to be an asset-valuation program acceptable to the United States' Securities and Exchange Commission
done. The company has selected Citigroup for this job, Vasilyev said. [RU EUROPE EEU ASIA EMRG ELG US] cf
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