ADR programme: Fatima Fertilizer appoints BNY Mellon as depository bank

BNY Mellon, the global leader in asset management and securities servicing, has been selected by Fatima Fertilizer Company Limited (Fatima) as the depository bank for its American Depositary Receipt (ADR) programme.
Fatima ADRs will be traded on the over-the-counter (OTC) market in New York under the symbol "FTMFY." Fatima Fertiliser's ordinary shares trade on all the three stock exchanges (Karachi, Lahore and Islamabad) in Pakistan. SEC of USA conveyed that the filing is in order and the programme can proceed.
Fatima Fertilizer Company Limited was incorporated on December 24, 2003, with the objective of setting-up a fully integrated fertilizer complex, capable of producing two intermediate products ie Ammonia and Nitric Acid and four final products which are Nitro Phosphate ("NP"), 360K MT per annum, Nitrogen Phosphorous Potassium ("NPK"), 300K MT per annum Calcium Ammonium Nitrate ("CAN"), 420K MT per annum and urea, 500K MT per annum at Mukhtar Garh, Sadiqabad.
The complex also includes 56 MW captive power plants in addition to off-sites and utilities. The company has been allocated 110 MMCFD of gas from the dedicated Mari gas fields. On completion, total cost of the Fatima project will be around $750 million.
"With over 22 million hectares under cultivation, agriculture is the mainstay of Pakistan's economy. Fatima Fertilizer Company is a significant step in attaining fertilizer self-sufficiency. As Fatima Fertilizer grows and expands a key milestone in our goals is the creation of this ADR programme," said Fawad A. Mukhtar, Chief Executive Officer of the company. "We will now be able to garner more international exposure and investment to continue to fund our future plans."
"As the first Pakistani based company to begin trading on the US OTC markets, Fatima Fertilizer will be the first Pakistani stock readily available to both retail and institutional investors," said Michael Cole-Fontayn, Chief Executive Officer of BNY Mellon's Depository Receipts business. He further added, "With our IR advisory and transactional expertise, we can offer Fatima Fertilizer Company Limited the opportunity for enhanced exposure to the world's capital markets."-PR