Citibank Launches NYSE Listed ADR Program for CEMIG.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 20, 2001 One of Brazil's largest electrical energy providers upgrades from OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). and Reg S programs to exchange-listed ADRs in order to expand US investor base Citibank 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 Services announced today that Companhia Energetica de Minas Gerais (CEMIG CEMIG Companhia Energética de Minas Gerais (Brazil) ) has upgraded its Over the Counter (OTC) and Regulation S depositary receipt programs to a New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange ) listed ADR ADR - Astra Digital Radio program. The shares have begun trading on the NYSE. CEMIG is one of Brazil's largest electrical energy providers, operating a distribution network in Latin America that extends over 300,000 kilometers and reaches millions of consumers. Citibank will continue to act as depositary. Each American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADS) of the new listed program represents 1000 preferred shares, which trade on the Bolsa de Valores de Sao Paulo Bolsa de Valores de Sao Paulo (BOVESPA) The largest stock exchange in Brazil. . The ADSs trade on the NYSE under the symbol "CIG CIG Ceiling (height above ground level to base of clouds) CIG Conference Intergouvernementale (French: Intergovermental Conference) CIG Conservation Innovation Grants (USDA NRCS) " (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. 204409601). "We are pleased to support CEMIG as the company expands its offering in the US market," said Kurt Schneiber, Global Managing Director, Citibank Depositary Receipt Services. "The listing will enable the company to reach a broader base of US investors and continue to develop its global presence." "Citibank's support has been excellent as we expand our ADR offering to US investors through the NYSE listing," said Cristiano Correa de Barros, Chief Financial Officer, CEMIG. "We are confident this listing will augment our position as a global player, supporting our initiatives to build strong and growing profitability." The CEMIG concession extends over 97% of the Minas Gerais State in the Southeast region of Brazil. CEMIG has 42 electrical generation plants in this region, 38 of which are hydroelectric, producing energy to meet the demands over 5 million consumers throughout the 774 municipalities. Cemig is renowned for its high technical standards and is considered a model company within the Brazilian electrical field. At the close of the 2000 fiscal year, CEMIG registered a turnover in excess of US $1.8 billion. The company invested US $445 million in an extensive program in order to modernize and expand its electrical network. The majority of CEMIG shares - 51% of the common shares - belong to the Government of Minas Gerais State. For further information visit www.cemig.com.br. Citibank Depositary Receipt Services leads the market in bringing quality issuers to the U.S. market and promoting ADRs as an effective capital markets tool. Citibank began offering American Depositary Receipts in 1928 and today is the market leader, widely recognized for delivering high quality, highly liquid programs to its customers. Citibank Depositary Receipt Services is a part of Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ). WWSS serves global issuers, investors and intermediaries through the world's largest and most acclaimed proprietary custody and clearing network, spanning 52 countries and territories. It currently provides securities services to more than 2,500 customers worldwide and has more than $4 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, top ranked global clearer and recognized leader in depositary receipt services, and agency and trust services. Citigroup (NYSE:C), the preeminent global financial services company, provides some 120 million consumers, corporations, governments and institutions in more than 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney, and Travelers. Additional information may be found at: www.citigroup.com. This information is being provided solely for information purposes by Citibank, N.A. It does not constitute a recommendation, solicitation or offer for the purchase or sale of any securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A. Visit our web site at www.citibank.com/adr. |
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