NEW YORK, Oct. 12 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has been appointed by Sungwon Pipe Co Ltd. (Sungwon Pipe) as the depositary bank for its American depositary receipt (ADR) program. Every Sungwon Pipe ADR represents 10 ordinary shares, and trades on the OTCQX market under the symbol "SNGWY." Sungwon Pipe's ordinary shares trade on the Korea Stock Exchange under the code "015200."
Based in South Korea, Sungwon Pipe is engaged in the production of stainless steel pipe and non-ferrous metal products in South Korea and internationally. The company manufactures various types of stainless steel pipes used in the piping and structural systems of fields such as construction, manufacturing and shipbuilding. Sungwon Pipe's products include ARC welded large diameter stainless steel pipes, ordinary piping, stainless steel pipes, and boiler and heat exchanger stainless steel tubes.
"We are excited to partner with BNY Mellon in launching our ADR program," said Choong-Keun Kim, chief executive officer of Sungwon Pipe. "We look forward to expanding our global visibility and shareholder base by making our company's equity available to investors in the U.S. capital markets."
"Sungwon Pipe is the first Korean DR issuer to trade on the OTCQX, the highest tier of the OTC market," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "We are dedicated to partnering with Sungwon Pipe as the company broadens its visibility and availability to the U.S. investment community."
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 $21.8 trillion in assets under custody and administration and $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 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