Tenaris announces new central securities depository and ISIN code

Rhea-AI Summary

Tenaris announced a change in its depository structure and the appointment of a new principal agent. The shares' ISIN code will also change. The changes will not impact the listing terms or rights attached to Tenaris's shares or ADRs.

Positive

• Tenaris appointed LuxCSD as its issuer central securities depository, which could improve efficiency and streamline operations.
• The appointment of Banque Internationale à Luxembourg S.A. as the new principal agent could lead to better services and support for Tenaris.
• The change in ISIN code may lead to increased trading activity and liquidity for Tenaris shares.

Negative

• The change in ISIN code may cause confusion among investors in the short term.
• The appointment of a new principal agent may disrupt existing processes and relationships.

LUXEMBOURG, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) announced a change from a global depository structure to LuxCSD S.A. (“LuxCSD”) as issuer central securities depository (“CSD”), and the appointment of Banque Internationale à Luxembourg S.A. (“BIL”), as LuxCSD principal agent (replacing BNP as common depositary) from October 31, 2023. BIL will also continue to act as Tenaris’s paying agent and registrar for its registered shares.

Consequently, the shares' ISIN code will change as follows:

Current ISIN code: LU0156801721
Last trading day with current ISIN code: October 30, 2023

New ISIN code: LU2598331598
First trading day with new ISIN code: October 31, 2023

On October 31, 2023, each share with the current ISIN will be exchanged against one share with the new ISIN.

Neither the change of issuer CSD nor the change in the ISIN code will have any impact on the listing terms or the rights attached to Tenaris’s shares or ADRs.

Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

Giovanni Sardagna
Tenaris
1-888-300-5432
www.tenaris.com

FAQ

What change did Tenaris announce?

Tenaris announced a change from a global depository structure to LuxCSD S.A. as issuer central securities depository.

Who is the new principal agent for Tenaris?

Banque Internationale à Luxembourg S.A. is the new principal agent for Tenaris.

Will the change in ISIN code impact the listing terms or rights attached to Tenaris's shares or ADRs?

No, the change in ISIN code will not have any impact on the listing terms or rights attached to Tenaris's shares or ADRs.

What is Tenaris's main business?

Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

What is the new ISIN code for Tenaris shares?

The new ISIN code for Tenaris shares is LU2598331598.