NEW YORK, March 8, 2011 /PRNewswire/ -- BNY Mellon, the global leader in asset management and securities servicing, has been appointed by HMS Hydraulic Machines & Systems Group (HMS) as the depositary bank for its sponsored Global Depositary Receipt (GDR) program, which trades on the London Stock Exchange under the symbol "HMSG." The HMS 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.
HMS is a machine-building holding company engaged in pump and oil and gas equipment research, development and production in Russia and the CIS. The company is active in oil and gas, power generation, trunk pipe transport, and water utilities. Another core business for HMS is turn-key projects and integrated oil field development. HMS manufactures skid-mounted, container-packaged oil field equipment and carries out design, installation and construction, commissioning works on complex developments for oil and gas production and water facilities.
"We are excited to access the international investment community through establishment of this DR program," said Alexander Rybin, HMS director of corporate finance and investor relations. "HMS management is confident that BNY Mellon, the world's leading depositary bank, has the global expertise, institutional stability, and personal touch to support our secondary market initiatives and future capital market plans."
"Russia has more sponsored DR programs than any country apart from India, a clear indication of the strong investor interest in equities of well established companies like HMS in the international markets," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "Our extensive experience working with Russian issuers and our specialized market outreach services will support HMS' efforts to expand its global profile."
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.
BNY Mellon (NYSE: BK) is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Learn more at www.bnymellon.com.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon