The Bank of New York Selected as Successor Depositary by PACHIN
NEW YORK, October 11, 2006 -- The Bank of New York, a global leader in securities servicing, has been selected as successor depositary by Paints & Chemicals Industries Company S.A.E. (PACHIN) for its Rule 144a and Regulation S Global depositary receipt programs (GDR). Three PACHIN GDRs represents one ordinary share. The GDRs trade on the London Stock Exchange market under the symbol "PCLD." PACHIN’s ordinary shares are quoted on the Cairo and Alexandria Stock Exchange.
According to the company, PACHIN was established as a joint stock company in 1958 and is Egypt's leading manufacturer and distributor of paints, varnishes and printing inks. PACHIN's well established decorative paints include brand names such as Saniton, Syntal, Dyroton, Flott and Artex and enjoy a reputation for superior quality.
Mohsen Hassaan, PACHIN’s managing director, said, "We are pleased that our GDRs are now sponsored by The Bank of New York, the depositary receipt market leader. PACHIN has committed to reinvigorate our investor relations efforts and maximize the potential of our GDR listing. After careful consideration, we concluded that The Bank of New York’s experience, service and commitment can best help our GDR program grow."
Christopher Sturdy, executive vice president and head of The Bank of New York’s Depositary Receipt Division, said, "We welcome PACHIN to our Egyptian franchise, which now includes 100% of all Egyptian depositary receipt issuers. PACHIN’s successorship highlights The Bank of New York’s commitment to servicing securities issuers in Egypt and the broader Middle East. We look forward to helping PACHIN elevate its market visibility and liquidity in the international markets."
The Bank of New York is depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 61 countries. With an unrivalled commitment to helping securities issuers succeed in the world’s rapidly evolving financial markets, the Bank delivers the industry’s most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
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