Citi appointed depositary for Shin Kong Financial global depositary receipt programme

Source: Citi

Citi's Global Transaction Services business, acting through Citibank N.A., has today announced that it has been appointed by Shin Kong Financial Holding Co., Ltd. (SKFH), a leading diversified financial services holding company based in Taiwan, as the depositary bank for its Luxembourg Stock Exchange-listed Global Depositary Receipt program.

Established through a $375 million offering, SKFH's GDR program was originally priced at $8.91 per GDR, representing the largest offering of GDRs by a company in Taiwan since 2007 and the largest equity offering by a financial institution in Taiwan since 2005.

SKFH's GDR program is divided into two parts, consisting of a Reg. S facility that trades on the Luxembourg Stock Exchange under the symbol SKFS and a Rule 144A facility that trades on the PORTAL market, the automated trading system that provides security descriptions and pricing information for Rule 144A securities, under the symbol SKFHF. SKFH's ordinary shares trade on the Taiwan Stock Exchange under the symbol 2888.TW with each ordinary share representing 25 GDRs.

Siu-Chan Kwan, Asia Pacific Head of Depositary Receipt Services, Citi, said, "The success of this capital raising exercise is a testament to the accomplishments of the SKFH organization and efficient collaboration among the various parties to the transaction. It also speaks volumes to the appeal of GDR's as a vehicle for cross-border investment. We look forward to cultivating a long-term relationship with SKFH, working together to optimize the benefits of this new GDR program."

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