J.P. Morgan Appointed Depositary Bank for Ecopetrol ADR Program Launch
Ecopetrol’s ADR is the first NYSE-listed program by a Colombian company in more than a decade
New York - J.P. Morgan today announced it has been appointed depositary bank for the American Depositary Receipt (ADR) program for Ecopetrol S.A. J.P. Morgan will manage all aspects of the ADR program in the U.S. for Ecopetrol, the largest company in Colombia. Ecopetrol’s ADR is the first NYSE-listed program by a Colombian company in more than a decade.
Javier Gutierrez, CEO at Ecopetrol, said: “We are very pleased to have chosen J.P. Morgan to manage our ADR program to support our future growth initiatives, which will enable us to compete as a global energy provider. It is also an honor for us to be the first Colombian company to list on the New York Stock Exchange in over 10 years.”
William Kirst, Depositary Receipts Executive for Latin America at J.P. Morgan, said: “We are delighted to be working with a growing company like Ecopetrol. We look forward to helping Ecopetrol fully leverage its ADR program to help support the company’s growth plans. This mandate is testament to J.P. Morgan’s strong position in the depositary receipt industry, in both developed and emerging markets.”
J.P. Morgan launched the first DR in Latin America in 1960 (Teléfonos de México) and serves as depositary for a number of DR programs in Latin America, including Banco Santander - Chile, Petroleo Brasileiro S.A. and Companhia Vale do Rio Doce. In 2007, the firm launched a global depositary shares (GDS) program for Grupo Clarín S.A., the first Argentine company to have a DR listing on the London Stock Exchange. That year it also launched a global depositary receipt (GDR) program for Almacenes Exito S.A., the first primary offering of equity securities by a Colombian company outside of the home market in over 10 years.
J.P. Morgan created the first-ever DR in 1927 (Selfridges). Today the overall DR market comprises more than 1,800 companies from over 75 countries which sponsor over 2,200 DR programs in the form of American Depositary Receipts (ADRs) that list on U.S. exchanges or Global Depositary Receipts (GDRs) which typically list in London or Luxembourg.
J.P. Morgan provides a full complement of ADR and GDR services to issuers seeking to have their equity traded on exchanges beyond their home markets. J.P. Morgan’s primary services include DR Issuances and Cancellations, Stock Transfer, Tender and Exchange Offer and Subscription Rights Agency services and Tax Reclamation services for investors.
J.P. Morgan also offers a range of value-added Investor Relations and Advisory services to issuers, with the singular goal of facilitating the DR’s highest potential liquidity, ownership and visibility.
For market information on DRs and international equities go to J.P. Morgan’s award-winning web site www.adr.com. For more information on J.P. Morgan’s DR services go to http://www.jpmorgan.com/visit/adr
About Ecopetrol S.A.
Ecopetrol S.A. (NYSE: EC) is the largest company in Colombia as measured by revenue, profit, assets and shareholders’ equity. The company is Colombia’s only vertically integrated crude oil and natural gas company with operations in Colombia and overseas. Ecopetrol is one of the 35 largest petroleum companies in the world and one of the four principal petroleum companies in Latin America. It is majority owned by the Republic of Colombia and its shares trade on the Bolsa de Valores de Colombia S.A. (BVC) under the symbol ECOPETL. The company divides its operations into four business segments that include exploration and production; transportation; refining; and marketing of crude oil, natural gas and refined-products.
Ecopetrol is committed to developing into a key player with high competitive standards, strong human resources and clear social responsibility policies. For more information about Ecopetrol, please visit the Company’s Web site at: www.ecopetrol.com.co.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM), is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan, Chase, and Washington Mutual brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
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