BNY Mellon has been appointed by SMC Corporation as depositary bank for its American depositary receipt (ADR) program.
Previously, the firm traded in the U.S. over-the-counter (OTC) market as an unsponsored DR. Each SMC ADR represents one-twentieth (1/20) of an ordinary share and trades OTC under the symbol ‘SMCAY.’ SMC’s ordinary shares trade on the Tokyo Stock Exchange under the code ‘6273.’
Based in Japan, SMC Corporation is mainly engaged in the manufacture and sale of pneumatic equipment.
Ikuji Usui, SMC executive managing director, said: “BNY Mellon’s outstanding reputation in the capital markets led us to appoint them as our depositary bank. Although many foreign investors are presently SMC shareholders, we look forward to building new relationships with U.S. investors, which will help SMC reach the next level in its development.”
Japanese Manufacturer Appoints BNY Mellon for ADR Program
BNY Mellon has been appointed by SMC Corporation as depositary bank for its American depositary receipt (ADR) program.