BNY Mellon, a global leader in investment management and investment services, has been appointed by JSC PIK Group as successor depositary for its Global Depositary Receipt (GDR) program. Each PIK Group GDR represents one ordinary share and trades on the London Stock Exchange under the symbol "PIK." PIK Group's ordinary shares trade on the Moscow Exchange under the symbol "PIKK."
PIK Group is a Russian real estate developer focused on large-scale residential projects within the Moscow Metropolitan Area and selected Russian regions. Since its founding in 1994, PIK Group has become a market leader in mass market residential property sector, completing over 14 million square meters of affordable housing across the country. The Group has a substantial diversified land bank of net selling area of 6.5 million square meters and more than 11,000 employees.
"We were impressed by the global resources and tailored solutions that BNY Mellon can offer. We feel confident entrusting our depositary receipt program to a company so strongly focused on depositary receipt services," said Andrey Machanskis, Director of Investor Relations and Capital Markets at PIK Group. "We look forward to working with BNY Mellon on initiatives that will strengthen visibility of our company and our DR program."
"BNY Mellon will work closely with PIK Group as they seek to build a targeted investor outreach program," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "We are dedicated to helping PIK Group connect with global investors to maximize their program's visibility and awareness."
PIK Group's GDRs have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S., absent registration or an applicable exemption from the registration requirements.