First Global Depositary Receipt Listing Launched On The Singapore Exchange by JPMorgan
HONG KONG - JPMorgan Chase Bank is acting as depositary bank for the Uttam Galva Steels Limited Global Depositary Receipt program. This is the first ever GDR listing on the Singapore Exchange Securities Trading Limited (“SGX”), established in conjunction with the company’s US$20 million Regulation S offering.
Each Uttam Galva GDR represents one common share of Uttam Galva.
“We are delighted to have partnered with JPMorgan on this successful and ground-breaking transaction that allows us to offer a GDR listing facility to international companies,” said Rajinder Miglani, Chairman and Managing Director of Uttam Galva.
Kenneth Tse, JPMorgan’s Senior Vice President and Head of Asia Pacific Regional Depositary Receipt (“DR”) Group, commented, “This is the first GDR listing on the SGX and we are proud to act as the depositary bank for Uttam Galva. JPMorgan has a tradition of being the innovator in the DR business.”
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