THE BANK OF NEW YORK SELECTED FOR NEW SPONSORED ADR BY MADECO S.A.
NEW YORK, June 7 /PRNewswire/ -- The Bank of New York (NYSE: BK) announced today that Madeco S.A. has selected the Bank as the ADR Depositary for its inter-national public offering of nearly $60 million through the issuance of more than 3.9 million American Depositary Receipts (ADRs). Madeco, a Chilean company, is the leading manufacturer in terms of sales and production volume of copper-and aluminum-based products in Chile, selling its products and providing services to several important sectors of the Chilean economy, most notably the telecommunications, construction, mining, energy, general industrial and consumer products industries. The company has also begun a program of expansion into the Argentine market, principally in the production of telecommunications and electric power transmission cable, seeking to take advantage of that country's improving economic situation. The ADRs trade on the New York Stock Exchange under the symbol "MAD". The Bank of New York is the world's largest depositary for American and Global Depositary Receipt facilities, which allow foreign companies to offer their dollar-denominated securities to investors in the United States. The Bank has increased its market position consistently so that by the end of 1992 it accounted for over 50 percent of all sponsored depositary receipt programs. The bank currently issues depositary receipts for more than 649 non-U.S. companies representing 33 countries. The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the seventeenth largest bank holding company in the United States, with total assets of $40 billion as of March 31, 1993. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: Corporate Banking, Retail Banking, Securities and Other Processing, Trust and Investment Management, and Financial Market Services. The company's stock is traded on the New York Stock Exchange under the symbol BK. -0- 6/7/93 /CONTACT: Kenneth A. Lopian, VP - American Depositary Receipts Div. of The Bank of New York, 212-815-2084/ (BK)
CO: The Bank of New York; Madeco S.A. ST: New York IN: FIN MNG SU:
SH -- NY033 -- 5951 06/07/93 10:51 EDT
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|Date:||Jun 7, 1993|
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