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. Last Updated: 07/27/2016

U.S. SEC Approves Telecoms for ADRs

The U.S. Securities and Exchange Commission cleared four Russian regional telecoms to issue Level One American Depositary Receipts to let investors in as the firms consolidate, the state telecoms holding said Thursday.

"The registration of the [ADR] programs will allow foreign investors to invest in St. Petersburg Telephone, Novosibirsk Elektrosvyaz, TsentrTelekom and Primorsky Krai Elektrosvyaz as soon as September," Svyazinvest said in a statement.

Svyazinvest spokesman Oleg Mikhailov said the issue would happen in September or early October. J.P. Morgan will serve as the depository.

Dozens of small state-owned regional telecoms are in the process of consolidating into seven to increase efficiency. Svyazinvest's plan is to introduce them to a broader range of Western investors with Level One ADR issues, then take them through Level Two to Level Three to raise investment and boost liquidity.