Telenor ASA (OTC:TELNY), the Norwegian multinational telecommunications company, has made a significant stride in its U.S. market presence. Today, OTC Markets Group Inc. (OTCQX:OTCM) announced that Telenor ASA (Oslo Bors:TEL; OTCQX:TELNF;TELNY) has qualified to trade on the OTCQX Best Market, upgrading from the Pink market.
Trading under the symbols "TELNF" and "TELNY", Telenor ASA's financial disclosure and Real-Time Level 2 quotes for the company are now available for U.S. investors on www.otcmarkets.com.
The move to the OTCQX Market is seen as a crucial step for international companies aiming to provide transparent trading for their U.S. investors. By meeting high financial standards, adhering to best practice corporate governance, and demonstrating compliance with applicable securities laws, companies can utilize their home market reporting to make their information available in the U.S.
"We are pleased that Telenor’s ADRs and ordinary shares will now trade on the top tier of the U.S. over-the-counter marketplaces. This will ensure improved visibility for Telenor in the overseas market and the best possible standards, accessibility and liquidity for U.S.-based investors that prefer to trade Telenor stock as USD-quoted securities during U.S. trading hours," said Tone H. Bachke, Chief Financial Officer of Telenor.
JP Morgan served as the company’s sponsor for its transition to OTCQX.
Telenor ASA, through its subsidiaries, provides fixed and mobile (analog and digital) communication networks. The company also develops, sells, and distributes communication, entertainment, and information services in the Norwegian private and business markets. It operates mobile networks in Europe and Southeast Asia.
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