• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Hutchison Telecommunications International Limited Appoints Citigroup

Posted on: Friday, 15 October 2004, 06:00 CDT

Citigroup Depositary Receipt Services, the leading depositary bank, announced today that it has established an American Depositary Receipt (ADR) Program for Hutchison Telecommunications International Limited (Hutchison Telecom), a leading provider of mobile and broadband communications services in growth markets. This is an initial public offering of American Depositary Shares (ADSs) in the U.S. market, and is part of a global offering with the ordinary shares listed on the Hong Kong Stock Exchange.

The ADSs are now listed on the NYSE under the symbol HTX (CUSIP #44841T107). Each NYSE-traded ADS represents 15 ordinary shares trading on the Hong Kong Stock Exchange.

"We look forward to supporting Hutchison Telecom as the company gains visibility with its public offering and builds investor interest in the United States," said Sanjeev Nanavati, Managing Director of Citigroup Depositary Receipt Services.

"We expect the NYSE listed ADR program will help us build visibility and broaden the opportunity to appeal to a wider investor base," said Tim Pennington, Chief Financial Officer of Hutchison Telecom.

Hutchison Telecom is a leading provider of mobile telephony in emerging and growth markets. To date, the Company has operations in eight countries and territories, and is controlled by a central management team that is responsible for setting the overall business strategy, managing the business, and looking at further opportunities for growth.

With over 11 million customers worldwide, Hutchison Telecom currently provides mobile telecom services in Hong Kong, Macau, India, Israel, Thailand, Paraguay, Sri Lanka and Ghana. In addition, the company was the first provider of 3G (third generation) mobile services in Hong Kong, where it also provides broadband fixed-line services. Hutchison Telecom operates common brands across its business including "Hutch", "3" and "Orange". A subsidiary of the Hong Kong-based Hutchison Whampoa Group, Hutchison Telecom is dedicated to providing superior telecommunications services in markets with high growth potential.

For background on Citibank ADR programs, as well as industry trends and developments, please visit www.citigroup.com/adr.

About Citigroup Depositary Receipt Services

Citigroup Depositary Receipt Services is a leader in bringing quality issuers to the U.S. market and promoting American Depositary Receipts (ADRs) as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the resources of Citigroup and the means to diversify shareholder bases and increase liquidity. In addition, Citigroup's financial strength and global reach provide clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets.

Depositary Receipt Services is a business line within Citigroup(R) Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 115 billion in average liability balances, more than $ 6.7 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing cycles, and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com

About Citigroup

Citigroup (NYSE: C), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

The above information is being provided solely for information purposes by Citibank, N.A. At publication deadline, this information was believed to be accurate, but Citibank, N.A. makes no representation or warranty as to correctness of the information set forth above. The above information does not constitute a recommendation, solicitation or offer by Citibank, N.A. for the purchase or sale of any of the above-listed securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A.

More News in this Category