May 15. HydroOGK plans to launch a Global Depositary Receipts (GDR) program for 375 securities, which will equal 15% of the charter capital based on the results of the restructuring, the company's board member Oleg Oksuvian said at a press conference in Moscow on Wednesday. According to him, the Bank of New York has been selected as custodian. As reported earlier, the depositary agreement between the bank and the company was signed in mid-April. BoNY will act as the custodian for GDR programs of nearly all OGKs and TGKs spun off from UES (RTS: EESR) as part of utility sector reform. Minority shareholders currently own about 20% of HydroOGK, with the remaining shares held by UES and the state. After the power holding's reorganization on July 1 the Russian government will receive over 50% of the company and the remaining shares are to be held by minority shareholders. HydroOGK combines some 25 GW of generating capacities. According to most stock market experts, after UES is wound up, HydroOGK along with FGC will become main blue chips in the power utilities segment.