CHINA OVERSEAS LAND & INVESTMENT LIMITED ESTABLISHES OTC DEPOSITARY RECEIPTS PROGRAM.NEW YORK--(BUSINESS WIRE)--June 15, 1995--Citibank, N.A. is pleased to announce the establishment of a sponsored American Depositary Receipt sponsored American Depositary Receipt An American Depositary Receipt in which the company whose shares are held in custody has direct involvement in issuance of the ADRs. (ADR ADR - Astra Digital Radio ) program for China Overseas Land & Investment Limited. The program, for which Citibank serves as Depositary, will trade on the Over-the-Counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. and is registered under the Securities Act of 1933. According to the company, China Overseas Land & Investment Limited is principally engaged in investment holding and property investment in Hong Kong. The company's subsidiaries are active in the field of investment holding, property investment and development, building construction, civil engineering and foundation works, project management, real estate agency and management and general trading. According to the company, for year ended December 31, 1994, turnover totaled HK$3.73 billion (approx. US$482.0 million) and profit attributable to shareholders was HK$889.2 million (approx. US$114.9 million). Citibank, N.A., Hong Kong Branch, will serve as custodian of the underlying shares (the "Ordinary Shares") and the American depositary shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. will trade on the over-the-counter market under the the trading symbol Trading symbol See: Ticker symbol CAOVY and CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 169403 10 2. Each depositary share represents 50 Ordinary Shares. Par Value is HK$0.10. "Ever since our company went public in 1992, we have seen substantial interest from overseas, and, in particular, U.S. based investors. We look to the setting up of the ADR program to make it more convenient for these investors to trade in our shares locally in the U.S.," stated Mr. Sun Wen Jie, chairman and chief executive of China Overseas Land & Investment Limited. Citibank is pleased to use its extensive experience as a depositary to accommodate China Overseas Land & Investment Limited's desire to expand and diversify its investor base. Citibank is a leading depositary servicing over 500 issuers worldwide. With a local presence in more than 90 countries, experience in 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 product innovations, and proprietary on-line systems, Citibank is uniquely positioned to assist major issuers around the world in their efforts to expand and diversity their investor base. Citibank has had substantial operations in Asia for over 90 years and was the first U.S. bank to establish a presence in China in 1902. CONTACT: Citibank, N.A., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Jarvis Cromwell Tel. 212/657-0195 Fax. 212/657-7517 or Citibank, N.A., Hong Kong Daisy Sham, Public Affairs Officer Tel. 852-2-868-7768 Fax. 852-2-868-8386 or China Overseas Land & Investment Limited Sam Y. L. Kwok, Deputy General Manager Tel. 852-2-823-7952 Fax. 852-2-823-7833 |
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