Citibank establishes ADR program for Mayr-Melnhof Karton AG.NEW YORK--(BUSINESS WIRE)--May 4, 1995--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 Mayr-Melnhof Karton AG, the leading producer of waste paper based cartonboard and packaging. 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 1/4 ordinary bearer shares. The ADRs will trade under the symbol "MNHFY" (cusip No.578471 20 3). The company is the worldwide leading maker of recycled cartonboard with a capacity of 1.1 million tons and is also a carton converter and paper recycler. It operates through three divisions (cartonboard division, folding carton division and waste paper division) and employs over 4,700 people. According to the company's consolidated financial 1994 year end figures, net income for the period was AS182 million (1993 117MM) on consolidated group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. of AS 10.7 billion (9.4 billion). Total assets were AS 12.16 billion. "We are very pleased to establish this American Depositary Receipt program which marks an important next step in our company's evolution since the 144A program and going public on the Vienna Stock Exchange Vienna Stock Exchange (VSX) One of the world's oldest exchanges, which accounts for approximately 50% of Austrian stock transactions; the balance are traded OTC. in April of 1994," said Michael Groeller, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Mayr-Melnhof Karton AG. Citibank is a leading depositary serving over 500 issuers worldwide. The bank began offering depositary receipt services in 1928 and has been the leading market innovator in recent years. With a local presence in 95 countries and unsurpassed proprietary on-line information, Citibank is uniquely qualified to support the funding needs of issuers around the world. CONTACT: Citibank, N.A., New York Jarvis Cromwell, 212/657-0195 or Mayr-Melnhof Karton Aktiengesellschaft Andreas Blaschke, 43-1-501-3663 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion