Citibank establishes ADR program for Manufacturas de Papel, C.A., S.A.C.A.NEW YORK--(BUSINESS WIRE)--June 12, 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 Manufacturas de Papel, C.A. (MANPA), S.A.C.A., a leading Venezuelan-based paper producer listed on the Venezuelan Stock Exchange. 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 twenty five common shares. The ADRs will trade under the symbol "MUPAY" (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. No. 564681104). Manufacturas de Papel, C.A. (MANPA), S.A.C.A., was founded in 1950. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the company, today they are the leading paper producer in Venezuela. The principal activity of the company is the production of paper and manufacture of various paper products. These include kraft paper, multiwall sacks with glued and stitched bottoms, and office products such as reams and business forms; school supplies, notebooks, envelopes, paper rolls for adding machines, lined notepads and folders; tissue paper, napkins, facial and kitchen towels. The company, through its affiliates, are also involved in the forest sector and an electrical business. The company has been participating in international markets with all of its products through an aggressive export policy, which reflects the goal of the corporation to reach a stronger international position. The countries and regions that the company has already penetrated are: the Andean Pact Andean Pact A regional trade pact that includes Venezuela, Colombia, Ecuador, Peru, and Bolivia. countries, Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. , the Caribbean area, United States and England. MANPA has been working towards the execution of the reduction of operational and production costs strategy, increasing the use of secondary fibers together with a larger capacity of waste paper collection; and the downstream integration through a strengthening of the converting area. According to the company, for the year ended Dec. 31, 1995, the company had a net income restated for inflation exposure of Venezuelan Bolivars 5,970 million and net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of Venezuelan Bolivars 56,233 million. 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. Jarvis Cromwell, 203/975-6037 Mei Po Sit, 212/657-7533 or Manufacturas de Papel, C.A. (MANPA), S.A.C.A. Alejandro Delfino/Juan Antonio Lovera (011-582) 901-2313 or 901-2326 |
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