BNY Mellon has been appointed as the successor depositary bank for the Global Depositary Receipt (GDR) program of JSC Federal Grid Company of Unified Energy System. Each Federal Grid Company GDR represents 500 ordinary shares and trades on the London Stock Exchange under the symbol "FEES." Federal Grid Company's ordinary shares trade on the Moscow Exchange under the symbol "FEES."
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system, which consists of more than 131,000 kilometers of transmission lines. Federal Grid provides electricity transmission and technological connection services and maintains and develops grid facilities and infrastructure, providing electricity in 75 regions of Russia. Its customers are regional distribution companies, electricity suppliers, and large industrial enterprises.
"Federal Grid's decision to switch to BNY Mellon as depositary is testament to our unmatched service and track record," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business in a statement. "We will work closely with the company to broaden its outreach to the global investment community as it strives to diversify its shareholder base and attract more global investors."