Miner MMC Norilsk Nickel PJSC has received permission from Russian authorities to keep its ADR program on the London Stock Exchange.
The permission will be valid until April 28, 2023 (for one year for now), the company said in a statement.
The approval has been needed since President Vladimir Putin in April signed a bill requiring Russian companies to delist their depositary receipts abroad in a bid to reduce foreigners' control over these firms.
Earlier, several companies with foreign listings informed about sending an application to the Russian authorities, but Nornickel was the first to disclose the positive decision.
Nornickel said it welcomes the commission's decision, which "provides time to assess available opportunities and investigation of necessary steps to support the Company’s long-term investment attractiveness.”
Such approval is a turning point, analysts at BCS said.
"It is positive in the long run for market and the interest of potential international investors," the analysts believe.
Approximately 20% of Nornickel's share capital ADRs related.
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