J.P. Morgan has been appointed by France Telecom as the depositary bank for its American depositary receipt (ADR) program. The ADRs will trade on the New York Stock Exchange under the symbol FTE.
We are very pleased with the appointment of J.P. Morgan to lead our ADR program and we look forward to working closely with them to continue the success of our ADR program for both our existing and potential shareholders in North America, says Gervais Pelissier, CFO of France Telecom.
Meanwhile, BNY Mellon has been appointed depositary bank for Toppan Printings ADR program. Each ADR will represent one share and trades on the U.S. OTC market under the symbol TOPPY. The companys ordinary shares trade on the Tokyo Stock Exchange under the code 7911.
The 112-year-old printing company, which today also provides information technology, living environment and electronics services, previously traded as an unsponsored ADR program served by multiple depositaries.
“With the growing U.S. investor interest in our company, we believe the establishment of our sponsored ADR program is well timed,” says Shingo Kaneko, president and representative director for Toppan Printing. “We realized during the depositary selection process that BNY Mellon’s expertise will serve us well in diversifying our U.S. shareholder base and increasing the visibility of our DR program.”
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