Japanese Brake Manufacturer Appoints BNY Mellon as Depositary Bank

BNY Mellon has been appointed by Japan’s Akebono Brake as the depositary bank for its American depositary receipt (ADR) program.

Each Akebono Brake ADR represents one ordinary share and trades on the OTC market under the symbol “AKBIY.” Akebono Brake’s ordinary shares trade on the Tokyo Stock Exchange under the code “7238.”

kebono Brake develops and produces brake and friction materials for automobiles, motorcycles, trains and industrial machinery. The company operates R&D centers in Japan, the U.S., France and the U.K, along with wholly-owned or affiliated manufacturing facilities worldwide.

“Akebono Brake’s international business started with the United States, so we are delighted to establish our new sponsored ADR program with BNY Mellon to expand the opportunity for U.S. investors to invest in our company,” says Chairman, President and CEO Hisataka Nobumoto. “Using the new ADR program effectively, we would like to make further efforts to increase our visibility for U.S. investors with investor relations activities.”