The Bank of New York to Act as Depositary Bank for MOL Hungarian Oil and Gas Plc's Level I DR Upgrade
NEW YORK, June 21, 2006 -- The Bank of New York, a global leader in securities servicing, will act as depositary bank for MOL Hungarian Oil and Gas Plc's Level I depositary receipt (DR) program upgrade from its Regulation S DR program. Under the Level I program, each MOL DR represents one ordinary share of the company. MOL's CUSIP/ISIN numbers will remain the same, and the Level I DRs will trade on the Over-the-Counter market under the new ticker symbol "MGYOY."
MOL Hungarian Oil and Gas Plc is an integrated oil and gas group in Central and Eastern Europe. The core activities of MOL include: exploration and production of crude oil and natural gas; refining, transportation, storage and distribution of crude oil products in retail and wholesale market; and the production and sale of olefins and polyolefins.
Zsolt Hernádi, Chairman-CEO of MOL, said, "The establishment of a Level I ADR program reinforces our company's commitment to providing our shareholders with an efficient and cost effective investment vehicle, which we have demonstrated over the more than ten years that we have maintained the 144 A/Regulation S DR programs. This upgrade to an unrestricted facility gives us the opportunity to expand our equity presence throughout the global capital markets and provides access to MOL shares to a broader universe of investors."
Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division, said, "We are delighted that MOL has decided to broaden its relationship with us. As the leading depositary bank, we have the expertise and experience it takes to guide issuer clients through the process of upgrading and expanding the scope of their DR programs."
The Bank of New York is depositary for more than 1,230 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 60 countries. With an unrivalled commitment to helping securities issuers succeed in the world’s rapidly evolving financial markets, the Bank delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
| « Back to Press Releases | « Previous Next » |
