NEW YORK--(Business Wire)--
Citi's Global Transaction Services business, acting through Citibank N.A., today
announced that it has been appointed by Chemspec International Limited
("Chemspec"), a leading China-based contract manufacturer of highly engineered
specialty chemicals, as the depositary bank for its NYSE-listed American
Depositary Receipt (ADR) program.
Chemspec's ADR program was established through a $72.7 million offering,
originally priced at $9 per ADR, representing the third IPO of 2009 conducted in
ADR form. The ADRs are listed on NYSE under the symbol "CPC". Each ADR
represents 60 ordinary shares; however, as a single-listed ADR program, the
underlying ordinary shares are not publicly traded in the issuer's home market.
"As a leading China-based contract manufacturer of highly engineered specialty
chemicals, we have been providing quality products at competitive prices to our
customers since 1996. We are excited to have established our ADR program with
Citi as the depositary bank," said Dr. Jianhua Yang, Chairman and CEO of
Chemspec.
Siu-Chan Kwan, Asia Pacific Head of Depositary Receipt Services at Citi said,
"Chemspec's successful capital raising is an example of how our Depositary
Receipt Services business can leverage Citi's unique blend of global reach and
local expertise to provide unparalleled support in administering cross-border
transactions. We look forward to a long-term relationship with Chemspec, where
we will assist them in optimizing the benefits of their new ADR program."
Chemspec is a leading China-based contract manufacturer of highly engineered
specialty chemicals and the largest manufacturer of fluorinated specialty
chemicals in China based on sales. In manufacturing specialty chemicals,
Chemspec also provides process design and process development services, which
enable efficient and rapid production of specialty chemicals that are
incorporated into the products of Chemspec's end users. Chemspec's customers and
end users include electronics, pharmaceutical and agrochemical companies. For
additional information on Chemspec, visit www.chemspec.com.cn.
Global Transaction Services, a division of Citi's Institutional Clients Group,
offers integrated cash management, trade, and securities and fund services to
multinational corporations, financial institutions and public sector
organizations around the world. With a network that spans more than 100
countries, Citi's Global Transaction Services supports over 65,000 clients. As
of the first quarter of 2009, it held on average $278 billion in liability
balances and $10.3 trillion in assets under custody. For more information on
Citi's Depositary Receipt Services, visit www.citi.com/dr.
About Citi
Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 140 countries. Through
its two operating units, Citicorp and Citi Holdings, Citi provides consumers,
corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate and
investment banking, securities brokerage, and wealth management. Additional
information may be found at www.citigroup.com or www.citi.com.
Media:
Citi
Nina Das, 212-816-9267
nina.das@citi.com
Copyright Business Wire 2009
