SEC gives green light for PKN Orlen' s US launch

The US Securities and Exchange Commission has given the go-ahead for individual investors in the US to purchase American Depositary Receipts in Polish oil giant PKN Orlen. The SEC decision allows PKN Orlen to become the second Polish company, after Netia, to make ADRs available to ordinary investors in the US. To date, PKN Orlen ADRs could be traded only by US-based institutional investors managing assets of $100 million or more. PKN Orlen' s depositary receipts have already been quoted on several European stock exchanges, including the largest, London. Currently, such receipts constitute around 29% of the company' s share capital, and the increased demand for the securities may result in a rise in their exchange rate. (Parkiet, p. 1,2) M. S.-C.