Leading Brazilian Petrochemical Firm Moves Its ADR Program
BNY Mellon, a global leader in investment management and investment services, has been appointed by Braskem SA (Braskem) as the depositary bank for its American depositary receipt (ADR) program. Each ADR represents two preferred shares and trades on the New York Stock Exchange (NYSE) under the symbol BAK. Braskem's preferred shares trade on the BM&F Bovespa under the code BRKM5.
Braskem is the largest manufacturer of thermoplastic resins in the Americas, with an annual output of over 20 million metric tons, including other basic chemical and petrochemical products, with an annual revenue of R$54 billion. With the aim of creating sustainable solutions in chemistry and plastics, Braskem is present in over 70 countries, with 8,000 members, and operates 40 industrial units located in Brazil, the United States, Germany, and Mexico - the latter in partnership with the Mexico-based chemical company, Grupo Idesa, S.A. de C.V.
"We look forward to working closely with Braskem and enhancing their access to American investors," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "This program reinforces our strong position in the Latin American market and our commitment to serving companies there."
BNY Mellon acts as depositary for more than 2,600 American and global depositary receipt programs as of Sept. 30, 2016. Acting in partnership with leading companies from over 65 countries, BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2016, BNY Mellon had $30.5 trillion in assets under custody and/or administration, and $1.72 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).