J.P. Morgan Appointed Depositary Bank by MD Medical Group Investments for Its GDR Listing
J.P. Morgan has been named depositary bank by MD Medical Group Investments (MD Medical Group) in relation to the company’s recent $289 million Initial Public Offering of Global Depositary Receipts (GDR) on the London Stock Exchange under ticker symbol MDMG.
MD Medical Group operates in the highly attractive Russian private healthcare service market and has a leading position in high-quality women’s health and pediatrics. The company manages ten modern healthcare facilities, including two hospitals and eight outpatient clinics in Moscow, St. Petersburg, Ufa and Perm. In addition, two franchised outpatient clinics operate in Kyiv and one franchised outpatient clinic in Irkutsk. In 2013, the company expects to begin construction of its third hospital in Ufa.
Vitaly Ustimenko, Chief Financial Officer of MD Medical Group, commented: “We are pleased with our choice of depositary bank. We strongly believe that J.P. Morgan’s reputation and extensive experience as a recognized global leader in financial services will provide us with the necessary support in our goal to continue to successfully grow our business. Together with J.P. Morgan’s depositary receipts team, we will strive to stimulate interest in our GDR program and to serve the needs of our investors adhering to the highest professional standards."
Vikas Taimni, Emerging Markets Regional Head for J.P. Morgan’s Depositary Receipts business, said: “We are proud to act as a depositary bank for MD Medical Group’s GDR listing. Investors are optimistic about the investment opportunities that exist in Russia due to the country’s economic growth rate, abundance of natural resources, low debt levels and healthy employment levels. Depositary receipt listings represent a significant opportunity for growing companies to connect with potential new investors.”
J.P. Morgan pioneered the depositary receipts market over 85 years ago, introducing the first ADR in 1927. J.P. Morgan provides a full range of ADR, GDR and HDR services to issuers seeking to have their equity traded beyond their home markets. For market information on depositary receipts and international equities, please go to www.adr.com. More information on J.P. Morgan’s depositary receipt services is also available on www.jpmorgan.com/visit/adr.
About J.P. Morgan’s Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18.2 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.
Craig MacDonald, +44 20 7134 5341