Mexican Foundry Group Launches ADR.J.P. Morgan & Co., New York, as depositary bank, has announced that Grupo Industrial Saltillo, S.A. de CV., Saltillo, Mexico, has launched 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 ) facility traded on the OTC market, according to Business Wire. Grupo Industrial Saltillo produces automotive and truck castings, building materials and houseware products. "We have initiated an ADR program to encourage U.S. equity investment in the company and to elevate our visibility in the US," said Felipe Mellado, corporate general director of the group An American depositary share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADS) is a U.S. dollar-denominated form of equity ownership in a non-U.S. company. It represents foreign shares at a custodian bank in the issuer's home country and carries the corporate and economic rights of the underlying shares. An ADR, or 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. , is a certificate evidencing ownership of a certain number of ADSs. |
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