BNY Mellon successor for PIK Group's GDR 16 September 2014London Reporter: Catherine Van de Stouwe
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BNY Mellon is to be the successor depositary for JSC PIK Group’s global depositary receipt group (GDR) programme.
PIK Group is a Russian real estate developer focused on large-scale residential projects within the Moscow Metropolitan Area.
Each PIK Group GDR represents one ordinary share and trades on the London Stock Exchange under ‘PIK’. In Russia, the PIK Group’s ordinary shares trade under ‘PIKK’.
Andrey Machanskis, director of investor relations and capital markets at PIK Group, said: “We were impressed by the global resources and tailored solutions that BNY Mellon can offer. We feel confident entrusting out depositary receipt programme to a company so strongly focused on depositary receipt services.”
“We look forward to working with BNY Mellon on initiatives that will strengthen visibility of our company and our [depositary receipt] program.”
Christopher Kearns, CEO of BNY Mellon’s depositary receipt program, said: “BNY Mellon will work closely with PIK Group as they seek to build a targeted investor outreach program.”
“We are dedicated to helping PIK Group connect with global investors to maximize their programme’s visibility and awareness.”
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