JP Morgan has launched a Global Depositary Receipt (GDR) programe for Seoul-headquartered Woongjin Coway, a provider of home appliances, including water purifiers, water softeners, air cleaners and bidets.
Each two Woongjin Coway GDR (CUSIP 980894 10 9) represent one common share.
“Given the complicated nature of our GDR transaction we knew that we could not simply take an off-the-rack solution,” says Dong Hyun Kim, Chief Financial Officer of Woongjin Coway. “Selection of the right depositary bank was crucial to the planning, preparation and on-going servicing of the offering. JPMorgan’s considerable experience, the fact that it invented the depositary receipt instrument in the first place and has continued to develop it ever since, provided the necessary confidence for both issuance and execution.”
“We are very pleased to have the opportunity to work with an innovative company such as Woongjin Coway. We are proud of the fact that Woongjin Coway has believed in our DR expertise to mandate us on such a complicated transaction. We look forward to working with our newest client to raise its global profile in the international equities market” adds Patrick Colle, ADR Global Client Management Executive at JPMorgan.