BNY Mellon has been appointed by Companhia Brasileira de Propriedades Agricolas (BrasilAgro) as the depositary bank for its American depositary receipt (ADR) program.
Each BrasilAgro ADR represents one ordinary share and trades on the New York Stock Exchange under the symbol LND. BrasilAgro’s ordinary shares trade on Brazils BM&FBOVESPA under the symbol AGRO3.
BrasilAgro is one of Brazil’s largest companies in terms of arable land holdings. It is also involved in forestry, pasture areas and the cultivation of various crops. BrasilAgro is the first Brazilian company to list in the U.S. after a hiatus resulting from the financial crisis.
“This is an exciting time for our company as we list on the New York Stock Exchange,” says Julio Piza, CEO of BrasilAgro. “Gaining exposure for our ADRs in the U.S. market is a key goal for us, and we are confident BNY Mellon is well positioned to help us achieve it.”
Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business, adds: “BrasilAgro is the first U.S. listing from Brazil in three years and a noteworthy transaction given global market conditions. It shows the continued attractiveness of U.S. capital markets to companies seeking to expand. Being appointed depositary for this milestone only reinforces our presence in Brazil, and we look forward to working closely with BrasilAgro to raise the company’s visibility among investors.”
(CG)