J.P. Morgan has been appointed depositary bank for a new Level 1
American Depositary Receipt (“ADR”) program following the October 1
merger of Nippon Steel Corporation and Sumitomo
Metal Industries, Ltd
to form Nippon Steel & Sumitomo
Metal Corporation, or NSSMC.
NSSMC’s sponsored ADR program aims to broaden the range of investment
instruments in the U.S. capital markets while expanding the overall
investor base. As a Level 1 ADR program, it will also achieve greater
brand recognition through attracting new investors and providing them
with the added convenience of investing in NSSMC’s stocks in the U.S.
Yoshihiro Takahashi, Head of J.P. Morgan’s depositary receipts group for
Japan, said: “We are very pleased to have had this opportunity to work
with Nippon Steel & Sumitomo Metal Corporation. We look forward to
building this important relationship and providing a strong foundation
for their future success.”
J.P. Morgan is committed to working closely with its clients to design
and implement customized depositary receipt (DR) programs to achieve
their strategic goals and facilitate DR liquidity. J.P. Morgan, which
launched the world’s first DR program in 1927 for Selfridges and the
first DR program in Asia in 1961 for Sony, continues to serve as
depositary receipt bank for leading companies throughout the region.
J.P. Morgan provides a full range of ADR and Global Depositary Receipt
(“GDR”) services to issuers seeking to have their equity traded on
exchanges beyond their home markets. For more information on depositary
receipts and international equities, please visit J.P. Morgan’s
award-winning website, www.adr.com.
For more information on J.P. Morgan’s DR services, please visit http://www.jpmorgan.com/visit/adr.
About Nippon Steel & Sumitomo Metal Industries, Ltd.
NSSMC is a business holding company, which comprises five businesses:
steelmaking, engineering, chemicals, new materials, and system
solutions. NSSMC will advance their four initiatives of “achieving
global production capability of 60 to 70 million tons”, “utilizing
advanced technologies”, “improving cost competitiveness through
synergies of around 150 billion yen per year”, and “reinforcing
non-steel business segments.” NSSMC will secure “world top-level
profitability” at any time, and will aim to increase its corporate value
and improve the evaluation by shareholders and capital markets.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities
servicing provider that helps institutional investors, alternative asset
managers, broker dealers and equity issuers optimize efficiency,
mitigate risk and enhance revenue. A division of JPMorgan Chase Bank,
N.A., WSS leverages the firm’s global scale, leading technology and deep
industry expertise to service investments around the world. It has $17.7
trillion in assets under custody and $7.3 trillion in funds under
administration. For more information, go to www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services
firm with assets of $2.3 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 and Chase brands. Information about JPMorgan Chase & Co. is
available at www.jpmorganchase.com.
Malar Manoharan, +65 6882 7951
J.P. Morgan Treasury & Securities Services