Author: Gordon Platt
DR NEWS


Eleven new companies, spun off from Russia’s former electricity monopoly, selected The Bank of New York Mellon as the depositary for their Regulation S and Rule 144A global depositary receipt programs. The bank is now depositary for the GDR programs of 14 companies created as part of the restructuring of RAO Unified Energy Systems of Russia, which ceased to exist on June 30. Last year OGK-5 and TGK-5, two power-generation units split off from Unified Energy Systems, selected The Bank of New York Mellon as the depositary for their GDR programs. In June 2008 JSC RusHydro, another product of the restructuring of Unified Energy Systems, also chose the New York-based bank as its depositary.

The bank added another pair of DR programs from the restructuring of Pune-based Bajaj Auto, India’s second-largest motorcycle manufacturer. Bajaj Auto split its manufacturing and financial services businesses into separate companies—Bajaj Auto and Bajaj Finserv. Bajaj Auto will make a $2,500 car beginning in 2011 in a joint venture with Renault. The Indian company is also planning to make commuter vehicles specially designed for developing countries. The two- and three-wheel vehicles would be produced by a venture with Austria-based KTM.

Meanwhile, two Brazil-based banks selected The Bank of New York Mellon as the depositary for their American depositary receipt programs. Paraná Banco and Banco Daycoval each have ADRs that trade in the over-the-counter market representing preferred shares listed on the São Paulo Stock Exchange.


Gordon Platt