NEW YORK, Dec. 23, 2010 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has been selected by Orascom Construction Industries (OCI) as the depositary bank for its American depositary receipt (ADR) program. Each OCI ADR represents one ordinary share and trades on the over-the-counter (OTC) market under the symbol "ORSCY." OCI's ordinary shares trade on the Egyptian Stock Exchange.
Based in Egypt, OCI is a construction contractor active in emerging markets. The company undertakes large industrial, commercial and infrastructure projects for public and private customers, principally in Europe, the Middle East and North Africa. OCI also produces nitrogen-based fertilizers and has investments in infrastructure concessions.
"It was in our best interest to establish an over-the-counter traded DR program in the United States to meet the growing demand by U.S.-domiciled investors for a dollar-denominated security trading in their time zone," said Nassef Sawiris, chairman and chief executive officer of OCI. "We appointed BNY Mellon as depositary due to our long standing relationship, which began in 2002 with the establishment of a global depositary receipt program in London."
"BNY Mellon has played a significant role in the development of the Egyptian market, introducing leading Egyptian companies to global investors," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "We'll work closely with OCI's management team to ensure a high level of support is provided, enhancing the company's visibility in the global marketplace."
"BNY Mellon has conducted business in the Middle East and Africa for more than 100 years," said Mahmoud Salem, head of BNY Mellon's Depositary Receipts business for the Middle East. "We've been servicing Egyptian capital markets since 1995 and currently act as depositary bank for 96% of the country's sponsored DR programs. By consistently delivering new and innovative solutions, BNY Mellon has been able to successfully help our clients meet their strategic capital market objectives."
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.
BNY Mellon (NYSE: BK) is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Learn more at www.bnymellon.com.
This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE BNY Mellon