Citibank establishes ADR program for Foschini.NEW YORK--(BUSINESS WIRE)--Feb. 21, 1996--Citibank, N.A. is pleased to announce that it has established an American Depositary Receipt 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. (ADR ADR - Astra Digital Radio ) program for Foschini Ltd., a South African-based investment holding company listed on The Johannesburg Stock Exchange Johannesburg Stock Exchange (JSE) Established in 1886, the Johannesburg Stock Exchange is the only stock exchange in South Africa. Gold and mining stocks form the majority of shares listed. . The ADR shares for the program, for which Citibank acts as depositary, will trade over-the-counter. Each American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADS) issued under the program represents two ordinary shares. The ADRs will trade under the symbol "FHNIY" (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 349870105). Foschini Ltd., whose subsidiary, The Foschini Group (Pty) Ltd., through its operating divisions (Foschini, Markhams, Pages, TFG TFG Transitional Federal Government TFG Tactical Fighter Group (USAF) TFG Taken for Granted TFG Timber Framers Guild TFG Technologie–Fonds GmbH (German, now TFG Venture Capital) TFG The Fall Guy Manufacturing, American Swiss and Sterns) retails clothing, jewelry, cosmetics and accessories to the broad, middle income group throughout Southern Africa
The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the period was R344,853,000 and the total shareholders' interest was reported as R763,667,000. The company, who notes that its stock began trading in 1924, has been listed on The Johannesburg Stock Exchange for 56 years and is regarded as the foremost independent chain store group in the country. The company says its success is strongly driven by its desire to provide the right merchandise to the respective target market of all its trading divisions, and the professionalism in achieving this objective has resulted in a successful track record unsurpassed in the retailing industry. Profit margins, returns on investment and shareholders' funds have reached levels that will be a challenge to maintain or exceed, according to the company. The Foschini Group is confident that teamwork coupled with professionalism in all aspects of retailing -- one of the major reasons for its past success -- will continue to be a foundation for market leadership in the future. The company says that, by establishing a sponsored Level I ADR program with Citibank, it is sending an important message to the international equity investor. Foschini wants to establish an offshore institutional and retail equity following and ultimately have access to the international equity capital markets. This represents the first step in what it hopes will be a phased approach to the offshore equity markets. Citibank is a leading depositary serving over 500 issuers worldwide. The bank began offering depositary receipts services in 1928 and has been the leading market innovator in recent years. With a local presence in 95 countries and unsurpassed strength in delivering on-line information, Citibank is uniquely qualified to support the funding needs of issuers around the world. 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 212/657-0195 212/657-7517 (fax) or Mei Po Sit 212/657-7533 212/825-5398 (fax) or Foschini Limited Roy Norman 011-27-21-938-1911 011-27-21-927-063 (fax) |
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