Citi Appointed Depositary Bank for Fortescue Metals Group Ltd's Level 1 ADR Program
Citi today announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by Fortescue Metals Group Ltd. (“Fortescue”), one of Australia's largest producers of iron ore, as depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) program. Fortescue will trade in the OTC marketplace, under the symbol “FSUGY.” Fortescue's ordinary shares are listed on the Australian Stock Exchange (“ASX”). Each ADR represents two ordinary shares.
Rod Campbell, Investor Relations for Fortescue, said “The ADR programme will assist Fortescue in continuing to broaden the shareholder base internationally. We are pleased to have appointed Citi as our depositary bank, and know that their expertise with ADRs and the strength of the Investor Relations team will help to ensure the success of the programme.”
Dirk Jones, Citi's Global Head of Securities and Fund Services Client Sales Management, said “We are very pleased to be appointed depositary bank for Fortescue's sponsored ADR programme. By matching Citi's local Australian expertise with Citi's global capabilities and investor relations expertise, we're confident that we can help Fortescue increase its program visibility in the market.”
For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.
Through its Securities and Fund Services business, Citi's industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With $12.5 trillion of assets under custody and the industry's largest proprietary network, Citi allows clients to extract value across the entire investment value chain.
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 95 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2011, it held on average $368 billion in liability balances and $12.5 trillion in assets under custody.
About Fortescue Metals Group Ltd.
From the Company's website: Listed in the S&P/ASX 50 share index, Fortescue has firmly established itself as one of the world's largest producers and sea-borne traders of iron ore. With a tenement portfolio of over 85,000 square kilometers located in one of the world's largest mineral provinces – the Pilbara region of Western Australia - the company is aggressively pursuing growth strategies that leverage its world class infrastructure with its shipping proximity to the burgeoning markets of Asia. Fortescue exported its first tonne of iron ore in May 2008 and in a few short years has grown the revenue base to over US$5 billion for the last financial year 2010/11. The strong cash flows have enabled the company to rapidly expand investment in infrastructure across its wholly owned and operated port, rail and mine activities. However in recognition of its large shareholder base, Fortescue also balanced these growth objectives with the income expectations of its members and during the 2010/11 financial year, the company paid its first dividend. Additional information may be found at http://www.fmgl.com.au/
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