Rochester, NY 7/6/2009 9:40:38 PM
Morning Movers - C - Citi To Be Depositary for China's Chemspec's ADR Program - Sourced WhisperFromWallStreet.com
Citigroup Inc.
Morning Movers - C - Citi To Be Depositary for China's Chemspec's ADR Program - Sourced WhisperFromWallStreet.com
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CITIGROUP INC,C
2.78 Down 0.10 (3.47%) 10:34AM ET
Citi's Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by Chemspec International Limited ("Chemspec"), a leading China-based contract manufacturer of highly engineered specialty chemicals, as the depositary bank for its NYSE-listed American Depositary Receipt (ADR) program.
Chemspec's ADR program was established through a $72.7 million offering, originally priced at $9 per ADR, representing the third IPO of 2009 conducted in ADR form. The ADRs are listed on NYSE under the symbol "CPC". Each ADR represents 60 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not publicly traded in the issuer's home market.
"As a leading China-based contract manufacturer of highly engineered specialty chemicals, we have been providing quality products at competitive prices to our customers since 1996. We are excited to have established our ADR program with Citi as the depositary bank," said Dr. Jianhua Yang, Chairman and CEO of Chemspec.
Last Trade: 2.80
Day's Range: 2.80 - 2.87
52wk Range: 0.97 - 23.50
Volume: 46,452,322
ABOUT
Citigroup Inc., doing business as Citi, provides a range of financial products and services to consumer and corporate customers. The company operates through four segments: Global Cards, Consumer Banking, Institutional Clients Group, and Global Wealth Management. The Global Cards segment offers MasterCard, VISA, Diners Club, private label, and American Express card products. The Consumer Banking segment involves in retail banking, consumer finance, real estate lending, and small and middle market commercial banking; and provides personal and auto loans, student loans, investment services, and Primerica financial services.
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