MOSCOW, August 19. /TASS/. PhosAgro sent a notification to Citibank depositary about automatic conversion of global depositary receipts into company’s shares, the Russian fertilizer producer said on Friday.

"PhosAgro has submitted to AO Citibank ("Depositary"), which maintains the depositary account of the depositary receipts program relating to global depositary receipts representing shares in PhosAgro ("GDRs"), a notification on them being required to take the actions to allow holders of GDRs deposited with Russian custodians to obtain the corresponding number of shares in PhosAgro," the company said.

"Pursuant to the notification sent by PhosAgro, the Depositary will be required to automatically convert the GDRs held with Russian custodians into shares in PhosAgro" in accordance with the procedure and terms prescribed by the Central Bank of Russia, PhosAgro noted.

The procedure for automatic conversion of depositary receipts of Russian issuers into shares started on August 15. Russian issuers are obliged to notify the depositary keeping shares with issued depositary receipts on August 19 at the latest.