Fatima Fertiliser Company Limited has received the green light to issue American Depository Receipts (ADR) in the United States.
In a communique sent to the Karachi Stock Exchange (KSE) on Tuesday, the fertiliser company informed that it has received necessary approvals from the Securities and Exchange Commission of Pakistan (SECP) and the State Bank of Pakistan (SBP) to issue sponsored level-1 ADRs in over-the-counter market in New York.
US-based asset management company BNY Mellon has been selected as the depository bank by Fatima Fertiliser, whose shares will be traded under the symbol ‘FTMFY’.
After the ADR issue, Fatima Fertiliser will become the first Pakistani company to be traded in over-the-counter market in the United States and its shares will be available to retail as well as institutional investors.
Published in The Express Tribune, March 9th, 2011.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ