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Romgaz names BNY Mellon as depositary for GDR listing on London Stock Exchange

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BNY Mellon has been appointed by SNGN Romgaz SA as depositary bank for its Global Depositary Receipt (GDR) programme which listed on London Stock Exchange (LSE) this week.

Each Romgaz GDR represents one ordinary share and trades on LSE under the symbol “SNGR.”


 
Romgaz is the largest natural gas producer and supplier in Romania, and its core business segments include gas exploration and production, gas supply, underground gas storage and electricity production.
 
Romgaz currently operates 3,257 gas producing wells which access 147 commercial fields, as well as 29 exploration wells in nine on-shore exploration blocks.


 
"This is a significant milestone in Romgaz's strategy to become a regional leader in energy exploration, production and supply,” says Virgil Marius Metea, CEO of Romgaz. “Our IPO received high-quality institutional demand from all regions in which the securities were offered. The successful pricing of our offering is a clear endorsement of the Romgaz investment case and reflects the strength of investor appetite for the Romanian gas growth story. We look forward to being listed on the Bucharest Stock Exchange and the trading of our GDRs on the London Stock Exchange."
 
Sixty-four per cent of the offering is made up of shares listed on the Bucharest Stock Exchange and the remainder is made up of GDRs listed on the LSE.


 
“This is the largest Romanian IPO ever and the first Romanian privatisation to include GDRs which will be traded on the London Stock Exchange,” says Christopher M Kearns, CEO of BNY Mellon's depositary receipts business. “We helped develop the country's GDR infrastructure, together with Romgaz and their advisors and regulators. We hope that this will provide a template for other Romanian companies looking to raise capital.”


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