ASKER, NORWAY (28 June 2013) - Following its announcement in May 2013, TGS confirms that its sponsored American Depositary Receipt (ADR) program has been successfully implemented. BNY Mellon has been appointed as depositary bank for this program. Each TGS ADR represents one ordinary share and trades on the over-the-counter market under the symbol "TGSGY". TGS' ordinary shares trade on the Oslo Bors under the symbol "TGS".
The TGS ADR program will offer U.S. investors the convenience of stock quotes and dividend payments in U.S. dollars with transactions cleared and settled according to normal U.S. standards. TGS ADRs can be purchased and sold in the same way as other U.S. stocks via a U.S. broker and can provide investors with a cost-effective means of international portfolio diversification.
"We are delighted to partner with BNY Mellon in establishing a sponsored ADR program," said Kristian Johansen, CFO of TGS. "We look forward to expanding our visibility and investor base within the U.S. capital markets via this ADR program."
"We'll work closely with TGS to broaden its outreach to the global investment community, with the ultimate goal being diversification of its shareholder base by attracting more U.S. investors," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business.