Citi appointed depositary for Country Style Cooking ADR program
Citi’s global transaction services business, acting through Citibank, has been appointed by Country Style Cooking Restaurant Chain Co Ltd as the depositary bank for its NYSE-listed ADR program
The Asset
7 Oct 2010
Citi’s global transaction services business, acting through Citibank N.A., has been appointed by Country Style Cooking Restaurant Chain Co Ltd as the depositary bank for its NYSE-listed American Depositary Receipt ( ADR ) program.
Country Style is a Cayman Islands-registered, China-based company and its ADR program was established through a USD94,875,000 offering, originally priced at USD16.50 per ADR.
Each ADR represents 4 ordinary shares; however, as a single listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer’s home market.
Roy Rong, CFO of Country Style Cooking, says the ADR program is key to reaching investors in the US capital market.
Global transaction services, a division of Citigroup’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.
As of the second quarter of 2010, it held on average USD320 billion in liability balances and USD11.3 trillion in assets under custody.
