The Bank of New York Mellon has been selected by GB Auto S.A.E. as the depositary bank for its Global depositary receipt (GDR) program.
Each GB Auto GDR represents five ordinary shares. The GDRs trade on the over-the-counter (OTC) market. GB Auto’s ordinary shares trade on the Egyptian Exchange (EGX) under the symbol “AUTO.”
GB Auto is an automotive assembler and distributor in the Middle East and North Africa. Based in Cairo, the company assembles, imports and distributes passenger cars under the Hyundai brand, as well as commercial vehicles (buses, trucks and trailers) under the Volvo, Mitsubishi, Hyundai and Ghabbour brands. GB Auto is also a distributor of motorcycles and scooters, offers a full line of global brand-name construction equipment, and operates Egypt’s largest network of automotive sales and service centers.
“Our new GDR program is an important component of our ongoing effort to become even more accessible to global investors,” says Dr. Raouf Ghabbour, chief executive officer, GB Auto. “We are very pleased to be working with The Bank of New York Mellon as depositary, allowing international investors to trade GB Auto shares on the OTC markets.”
“As the leading depositary bank in the Middle East and Egypt, we are very pleased to be partnering with such a significant presence in the Middle East and North Africa’s automotive world, further strengthening that region’s ties with world markets,” says Michael Cole-Fontayn, chief executive officer, Depositary Receipt Division, Bank of New York Mellon. “We look forward to applying our expertise to help GB Auto develop strategic outreach initiatives designed to broaden its international shareholder base.”
L.D.