Fatima Fertiliser picks BNY Mellon

Becomes first Pakistani company to trade on US over-the-counter market .

KARACHI:

Fatima Fertiliser Company Limited has selected BNY Mellon – the global leader in asset management and securities servicing – as the depository bank for its American Depository Receipt (ADR) programme.

The fertiliser company’s ADRs will be traded on the over-the-counter (OTC) market in New York under the symbol ‘FTMFY’. Fatima Fertiliser’s ordinary shares currently traded on all three domestic stock exchanges. The Securities and Exchange Commission of US has conveyed that filing was in order and that the programme could proceed.

“Fatima Fertiliser is a significant step in attaining fertiliser self-sufficiency. The creation of the ADR programme is a key milestone in our goals, as we will now be able to garner more international exposure and investment to fund our future plans,” said Fatima Fertiliser Chief Executive Officer Fawad Mukhtar.

“As the first Pakistan-based company to begin trading on the US OTC market, Fatima Fertiliser will be the first Pakistani stock readily available to both retail and institutional investors,” said BNY Mellon’s Depository Receipts Chief Executive Officer Michael Cole-Fontayn.

Published in The Express Tribune, March 8^th, 2011.