NEW YORK, March 7, 2011 /PRNewswire/ -- BNY Mellon, the global leader in asset management and securities servicing, has been selected by Fatima Fertilizer Company Limited as the depositary bank for its American depositary receipt (ADR) program. Each Fatima ADR represents 50 ordinary shares and trades on the over-the-counter (OTC) market under the symbol "FTMFY." Fatima Fertilizer's ordinary shares trade on all three stock exchanges (Karachi, Lahore and Islamabad) in Pakistan.
Fatima Fertilizer Company was incorporated in December 2003 under Pakistan's Companies Ordinance- 1984 with the objective of setting up a fully integrated fertilizer complex, capable of producing two intermediate products (ammonia and nitric acid) and four final products (nitro phosphate, nitrogen phosphorous potassium, calcium ammonium nitrate, and urea). Fatima's complex also includes a 56 megawatt captive power plant in addition to off-sites and utilities.
"With over 22 million hectares under cultivation, agriculture is the mainstay of Pakistan's economy, and Fatima Fertilizer is a significant step in attaining fertilizer self-sufficiency. As Fatima Fertilizer grows and expands, a key milestone in our goals is the creation of this ADR program," said Fawad A. Mukhtar, chief executive officer of Fatima. "We will now be able to garner more international exposure and investment to continue to fund our future plans."
"As the first Pakistan-based company to begin trading on the U.S. OTC markets, Fatima Fertilizer will be the first Pakistani stock readily available to both retail and institutional investors," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "With our IR advisory and transactional expertise, we can offer Fatima Fertilizer the opportunity for enhanced exposure to the world's capital markets."
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 $25.0 trillion in assets under custody and administration and $1.17 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