On March 24, Russia's largest oil and gas pipe producer TMK announced that its American Depositary Receipts (ADRs) have been listed on an over-the-counter (OTC) trading platform in the United States.
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'. Current financial disclosure and real-time Level 2 quotes for TMK are available at www.otcmarkets.com, symbol=TMKXY.
"We are pleased to welcome TMK to OTCQX," the president and CEO of Pink OTC Markets, R. Cromwell Coulson, said. "OTCQX offers TMK a convenient secondary market in the US, where US investors can access company information, real-time quotes, and trade TMK stock in US dollars during US trading hours."
The Bank of New York Mellon Corp., which acts as depositary for TMK's ADR program, will serve as TMK's principal American liaison (‘PAL') on OTCQX, responsible for providing guidance on listing requirements.
"TMK awareness has been steadily increasing ever since the company began operating in the US. We appreciate the interest of North American investors and plan to expand our presence in the world's largest financial market. 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, in particular, provides access to a wider range of retail and institutional investors," TMK senior vice president for strategy and business development Vladimir Shmatovich said.
TMK Global Depositary Receipts (GDRs) are currently traded on the London Stock Exchange (TMKS) and common shares trade on the Russian Trading System (TRMKG) and MICEX stock exchange (TRMKG).