BNY Mellon, a global leader in investment management and investment services, has been appointed by Raia Drogasil S.A. as depositary bank for its sponsored American depositary receipt (ADR) program. Each ADR represents one ordinary share and trades on the U.S. over-the-counter market under the symbol 'RADLY.' Raia Drogasil's ordinary shares trade on the BM&FBOVESPA under the code 'RADL3.'
Raia Drogasil is the largest drugstore chain and eighth largest retailer in Brazil. It offers clients a full range of products, from prescription drugs to hygiene and personal care items in over 1,200 stores across 17 states, representing nearly 90% of the Brazilian retail pharmacy market. Headquartered in São Paulo, Raia Drogasil was established in 2011 through a merger between Raia S.A. and Drogasil S.A., which together have more than 190 years of history in the country.*
"Our DR program aims at improving the company's visibility in the capital markets, enhancing liquidity, increasing the shareholder base, and facilitating access to the stock by foreign investors," said Eugenio de Zagottis, corporate planning and investor relations officer at Raia Drogasil.
"As they look to raise their profile with the global investment community, we'll work closely with Raia Drogasil to build a highly targeted outreach program," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "We have a rich history and broad expertise in Brazil. Raia Drogasil joins a long list of Brazilian companies who have placed their confidence in BNY Mellon as their depositary bank."
BNY Mellon established the first DR program in Brazil in 1992 and has grown its team of Portuguese-speaking specialists, who today provide cross-border support for the majority of the country's DR issuers across all industry sectors.
BNY Mellon acts as depositary for more than 2,600 American and global depositary receipt programs as of December 31, 2015. 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.