THE BANK OF NEW YORK SELECTED FOR NEW SPONSORED ADR BY SOCIEDAD QUIMICA Y MINERA DE CHILE S.A.
NEW YORK, Sept. 22 /PRNewswire/ -- The Bank of New York announced today that Sociedad Quimica y Minera de Chile S.A. has selected The Bank of New York as the depositary for its international public offering of approximately $94 million through the issuance of more than 3.6 million American Depositary Receipts (ADRs). The ADRs trade on the New York Stock Exchange under the symbol "SQM". SQM is the world's only producer of natural nitrates, which it sells principally for use as specialty fertilizers. The company produces and sells sodium nitrate and sodium sulfate for industrial applications and is the world's leading producer of iodine. These products, most of which are exported, are obtained from surface mining of caliche ore deposits in northern Chile, which are the largest known nitrate deposits in the world and the only ones that are currently being exploited commercially. The company also produces blended fertilizers, and is the largest importer and distributor of fertilizers in Chile. 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. (NYSE:BK), which is the sixteenth-largest bank holding company in the United States, with total assets of $41 billion as of June 30, 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. -0- 9/22/93 /CONTACT: Michael M. Pascale, VP, 212-495-1041 or Rhonda Barnat, AVP, 212-495-1725 or Kenneth A. Lopian, VP, 212-815-2084, all of Bank of New York/ (BK)
CO: The Bank of New York ST: New York IN: FIN SU:
WB -- NY067 -- 4794 09/22/93 15:02 EDT
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|Date:||Sep 22, 1993|
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