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Article: Colombia : Suramericana signs Bank of New York Mellon for ADR program.
- Article from:
- TendersInfo
- Article date:
- October 17, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
Colombia's largest holding company Suramericana de Inversiones has signed The Bank of New York Mellon to act as depositary bank for its recently approved level one ADR program.
On October 15, SEC approved Suramericana's plans to start trading on the over-the-counter (OTC) market under the ticker SRMIY. Each Suramericana ADR will represent two ordinary shares, the company said in a statement, adding the ADR inscription does not imply issuing new shares.
The percentage of the company to be floated will depend on purchases and share conversions made by US investors, Suramericana de Inversiones investment VP Andres Bernal told ...