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. Last Updated: 07/27/2016

Firms On Track for Receipt Plans

With international markets recovering, several Russian companies announced plans Tuesday to press ahead with American or Global Depository Receipt programs in the coming weeks.

Regional Russian power utility Novosibirskenergo said it would launch GDRs on all its outstanding shares in April or May. The company's chairman, Leonid Melamed, said the issue would not raise new funds for the company but simply give foreign investors access to underlying shares.

The company had previously been planning to make a more limited ADR issue early this year, but decided to broaden it to all underlying shares after a series of investor presentations in December.

Regional telecom Kubanelektrosvyaz said it would begin a two-week presentation in Europe and the United States of Level-1 ADRs on Feb. 23. One ADR will be equal to two common shares worth .03597 rubles.

The depository for Kubanelektrosvyaz's program will be the Bank of New York. The Moscow investment bank MFK-Renaissance is acting as financial consultants on the issue, while the law firm Akin, Gump, Strauss, Hauer & Feld is providing legal advice.