Trading on Frankfurt and London exchanges by mid February

Published: 1/2/2001

160 According to Aeroflot it has signed a depository agreement with Deutsche Bank on 21 December 2000, which will allow the exchange 100 Aeroflot shares for one Global Depositary Receipt (GDR) 1 GDR. The GDR will initially be traded on the over-the-counter markets and the company expect the shares to be traded through the London and Frankfurt exchanges by mid-February 2001. The commencement of trading will however be slightly later than the year-end speculated by General Director Okulov, during the announcement of the carrier's winter schedule in October. As expected the company has prepared for the conversion of the 20% of the airline's stock thought to be held directly and indirectly by foreigners, into 2.2 m GDRs. The new dealing facility is expected to improve the trading liquidity in the stock. Opening up ownership to a much wider pool of potential investors, many of who have been prevented by logistics or regulation from investing in Russia directly.

Article ID: 2266