SM launches ADR Level 1 Program
Monday, July 29, 2013
Source: SMIC Investor Relations
29 July 2013, Pasay City, Philippines. SM Investments Corporation (SM), through its appointed depositary, The Bank of New York Mellon, launched on Monday, July 29, its American Depositary Receipt (ADR) Level 1 program. Under the program, ADR securities issued in the US representing SM common shares can be traded over-the-counter (OTC) under the ticker symbol SMIVY. One SM ADR represents 0.5 common shares of SM.
This facility serves several purposes. First, it allows US investors to trade SM common shares in their own time zone and to settle their transactions locally. As such, it offers convenience and reduces currency risk on the part of the investor as they acquire the ADR in US dollars. Secondly, it opens for SM the door that leads to a large pool of US ADR investors, thereby potentially diversifying and broadening SM's shareholder base. Finally, it enhances corporate visibility and global presence.
"We are delighted to work hand in hand with BNY Mellon through this sponsored ADR program which aims to actively engage and support global investors. This initiative affirms SM's desire to reach out and better service the needs of more investors at a time when interest in the Philippines among US investors is fast building up. SM is widely regarded by international investors as a strong proxy for the Philippine growth story and we believe that it will continue to be an attractive investment proposition," Mr. Jose T. Sio, SM Executive Vice President and Chief Financial Officer said.
About SM Investments Corporation
SM Investments Corporation or SMIC is one of the country's largest holding companies with a market capitalization of $17.41 billion as at the close of trading on July 26, 2013. The Group has market leading interests in shopping mall development and management, retail, real estate development and banking and a growing interest in hotels and conventions.
About BNY Mellon
BNY Mellon is the world's largest depositary for American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs); www.adrbnymellon.com is a leading source for international ADR and GDR market intelligence and select investor information. DRs, which include ADRs, GDRs, Euro DRs (Euro Depositary Receipts), and NYSs (New York Shares), allow non-U.S. companies to offer dollar-denominated and euro-denominated securities to investors around the world.
For further information, please contact:
Ms. Corazon P. Guidote
Senior Vice President for Investor Relations
SM Investments Corporation
Tel. No. 857-0117