BNY Mellon has been appointed by OAO TMK (TMK) as depositary for its American depositary receipt (ADR) program. Each TMK ADR represents four ordinary shares and trades on the over-the-counter (OTC) market in the US.
Reportedly, TMK is a manufacturer and exporter of pipe products in Russia, the US and other countries. The company produces a range of pipe products used in the oil-and-gas, chemical, petrochemical, energy and machine-building industries, construction and housing, shipbuilding, aviation, space and rocket equipment, and agriculture.
Michael Cole-Fontayn, CEO of the depositary receipts business, BNY Mellon said: “As the leading depositary bank in Russia, supporting more Russian issuers than all other depositaries combined, BNY Mellon has the experience and expertise to meet the needs of sophisticated companies like TMK. As OTC ADR investing continues to grow, we look forward to helping TMK increase its international profile further in the years ahead.”
