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. Last Updated: 07/27/2016

Lenenergo ADRs

St. Petersburg power utility Lenenergo has won the tacit approval of the U.S. Securities and Exchange Commission to provide investors with reports compiled under the Russian, and not International Accounting Standards, Lenenergo deputy general director Kirill Androsov said this weekend.

The shift paves the way for Lenenergo’s shares to be converted into sponsored first-level American Depositary Receipts, Androsov said.

At present, 6.17 percent of Lenenergo’s shares controlled by the Moscow company Foriteks have been converted into unsponsored depositary receipts issued by the Bank of New York.