ADR Bulletin.Business Editors LONDON--(BUSINESS WIRE)--July 2, 2003 American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. Semi-annual Market Review Investors and issuers continue to support ADRs as uncertainty persists in global equity markets New Depositary Receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue Programs In the first six months of 2003*, 23 companies from 14 countries established new depositary receipt (DR) programs, compared with 41 programs from 20 countries during the same period in 2002. Asia had the highest number of new programs with 48% of the market. Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). followed Asia in terms of new programs, accounting for 39%.Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank was appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. Bank for three new programs (13%). Exhibit 1 - New depositary receipt programs
Issue name Exchange Country
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1 CUE ENERGY RESOURCES LIMITED OTC Australia
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2 ENVIROMISSION LIMITED OTC Australia
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3 SUZANO PETROQUIMICA S.A OTC Brazil
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4 ORASCOM CONSTRUCTION INDUSTRIES - 144A PORTAL Egypt
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5 ARTEL SOLUTIONS GROUP HOLDINGS LIMITED OTC Hong Kong
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6 BOC HONG KONG HOLDINGS LIMITED OTC Hong Kong
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7 E-KONG GROUP LIMITED OTC Hong Kong
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8 AFTEK INFOSYS LIMITED - REG S - India
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9 MOREPEN LABORATORIES LTD - REG S - India
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10 QUINTANT SERVICES PRIVATE LIMITED - REG S - India
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11 PT BANK BUANA INDONESIA TBK OTC Indonesia
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12 KEIKA EXPRESS CO LTD OTC Japan
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13 KUMGANG KOREA CHEMICAL - 144A PORTAL Korea
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14 AIRSPRAY N.V. OTC Netherlands
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15 MOBILE TELESYSTEMS - 144A PORTAL Russia
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16 TELKOM SA LIMITED NYSE South Africa
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17 GOLDAS KUYUMCULUK - REG S - Turkey
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18 UKRNAFTOGAZ JSC - REG S - Ukraine
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19 3DM WORLDWIDE PLC OTC United Kingdom
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20 JKX OIL & GAS PLC OTC United Kingdom
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21 MARCONI CORPORATION PLC OTC United Kingdom
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22 MITCHELLS & BUTLERS PLC NYSE United Kingdom
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23 PRESTBURY HOLDINGS PLC OTC United Kingdom
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Source: Deutsche Bank, publicly available data sources Transferred Depositary Receipt Programs In the first six months of 2003, nine depositary receipt programs were transferred from one depositary bank to another compared with 28 programs during the same period in 2002. Deutsche Bank was the successor 1. SuccessoR - A language for distributed computing derived from SR. ["SuccessoR: Refinements to SR", R.A. Olsson et al, TR 84-3, U Arizona 1984]. 2. successor - daughter depositary on two of these programs (22%). No programs were transferred away from Deutsche Bank during the period. The list of transferred programs is shown in Exhibit 2. *Figures cover period Jan 1 to June June: see month. 15 2003 Exhibit 2 -Transferred depositary receipt programs
Successor Issue name Exchange Country
Depositary
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1 Bank of New York SIDERAR S.A.I.C - 144A PORTAL Argentina
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2 Bank of New York LAN CHILE S.A NYSE Chile
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3 Deutsche Bank GEMPLUS INTERNATIONAL S.A NASDAQ France
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4 JPMorgan JOHNSON ELECTRIC HOLDINGS OTC Hong Kong
LTD
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5 Bank of New York DCW LIMITED - 144A PORTAL India
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6 JPMorgan PHILIPPINE LONG DISTANCE NYSE Philippines
TELEPHONE
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7 JPMorgan PHILIPPINE LONG DISTANCE NYSE Philippines
TELEPHONE
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8 Deutsche Bank CENTERPULSE NYSE Switzerland
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9 Bank of New York TUNG HO STEEL ENTERPRISE PORTAL Taiwan
CORPORATION - 144A
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Source: Deutsche Bank, publicly available data sources NYSE-listed American Depositary Receipts outstanding The number of ADRs outstanding on the NYSE NYSE See: New York Stock Exchange remained stable during the first quarter of 2003, during a period of lackluster lack·lus·ter adj. Lacking brightness, luster, or vitality; dull. See Synonyms at dull. Adj. 1. lackluster - lacking brilliance or vitality; "a dull lackluster life"; "a lusterless performance" performance for equities as a whole, with 15.263 billion ADRs outstanding at the end of April 2003 as against 15.359 billion as at the end of December December: see month. 2002(1). However, within that total some companies experienced significant growth in ADR ADR - Astra Digital Radio outstandings, as shown in Exhibit 3. Exhibit 3 - NYSE ADRs outstanding
DRs outstanding (in millions)
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Company Country Symbol Apr 2003 Dec 2002 Change % Change
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SAP AG Germany SAP 82.54 44.79 37.75 84.28
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ROYAL AHOLD Netherlands AHO
(AHOLD) 61.12 23.41 37.71 161.09
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GLAXOSMITHKLINE UK GSK
PLC 295.25 2736.34 21.91 8.02
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REPSOL YPF, S.A Spain REP 82.87 104.88 -22.01 -20.99
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ROYAL DUTCH Netherlands RD
PETROLEUM 520.46 558.86 -38.40 -6.87
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NOKIA Finland NOK
CORPORATION 1,086.37 1,220.54 -134.17 -10.99
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Source: Deutsche Bank, NYSE Holdings in the ADRs of DAX and CAC See Consumer Advisory Council. 40-listed companies Holdings by the top 300 institutions invested in the ADRs of DAX-listed companies increased by 16%, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. US$627 million, over the first quarter of 2003. This continues a year-long growth trend as shown in Exhibit 4 below. Exhibit 4 - Holdings by the top 300 institutions invested in the ADRs of DAX-listed companies Shares 31 March 2003 225,291,908 31 December 2002 193,582,872 30 September September: see month. 2002 177,125,393 30 June 2002 175,950,046 Source: Deutsche Bank, Lionshares Holdings by the top 300 institutions invested in the ADRs of CAC40-listed companies increased by 1%, or approximately US$190 million, over the first quarter of 2003. This continues a year-long trend as shown in Exhibit 5 below. Exhibit 5 - Holdings by the top 300 institutions invested in CAC40 ADRs Shares 31 March 2003 318,719,798 31 December 2002 316,619,120 30 September 2002 247,375,161 30 June 2002 253,402,685 Source: Deutsche Bank, Lionshares Commentary Commenting on the ADR statistics for the first half of 2003, Akbar Poonawala, Managing Director and Head of Global Equity Services at Deutsche Bank said, "We are seeing some encouraging trends in the appetite ap·pe·tite n. An instinctive physical desire, as for food or sex. Appetite The natural instinctive desire for food. of US investors for ADRs even as global equity markets continue to struggle. As noted above, overall ADR outstandings on the NYSE have held firm and we have seen an increase in investor holdings of ADRs of major companies from markets such as France and Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). ." Mike Hughes Mike Hughes (b. November 17, 1974) is an Canadian professional wrestler who has competed on the North American independent promotions throughout the late 1990s and early 2000s as a co-founder and mainstay of Real Action Wrestling [1] , Director and Head of Product Management for Depositary Receipts at Deutsche Bank, said, "The last quarter has seen positive momentum in the global equity markets from both an issuer and investor point of view. We are starting to see some life in the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. market again, particularly in Asia where a number of companies are looking to tap the international markets via ADR programs before the end of the year. In addition, many issuers are looking to raise new capital through their existing Depositary Receipt facilities once we have a period of stability or upward price momentum in the market." (1)Source: Deutsche Bank, NYSE www.corporatetrust.db.com www.adr.db.com email: corporate.trust@db.com The information contained herein is based on data obtained from sources believed to be reliable but neither Deutsche Bank AG nor any of its affiliates warrant or in any way represent as to the accuracy or completeness of the details contained herein. The publication of this announcement shall be deemed not to constitute an offer or the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any Depository Receipt Depository Receipt A negotiable financial instrument issued by a bank to represents a foreign company's publicly traded securities. The depository receipt trades on a local stock exchange. or any security relating thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. in any jurisdiction in which such announcement would be deemed an unlawful Contrary to or unauthorized by law; illegal. When applied to promises, agreements, or contracts, the term denotes that such agreements have no legal effect. The law disapproves of such conduct because it is immoral or contrary to public policy. offer. The views and opinions expressed herein or in any referenced document do not necessarily state or reflect those of Deutsche Bank AG or any of its employees, officers or affiliates. This communication has been approved and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. communicated by Deutsche Bank AG London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. . |
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