KARACHI – BNY Mellon, the global leader in asset management and securities servicing, has been selected by Fatima Fertiliser Company Limited (FFCL) as the depositary bank for its American Depositary Receipt (ADR) program.
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 country’s three stock exchanges in Karachi, Lahore and Islamabad. The US Security Exchange Commission of conveyed that the filing was in order and stated that the program could proceed.
Fatima Fertiliser Company Limited was incorporated on December 24, 2003, with the objective of establishing a fully integrated fertiliser complex, capable of producing two intermediate products, Ammonia and Nitric Acid and four final products which are Nitro Phosphate (NP), 360,000 metric tonnes (MT) per annum, Nitrogen Phosphorous Potassium (NPK), 300,000 MT per annum Calcium Ammonium Nitrate (CAN), 420,000 MT per annum and Urea, 500,000 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, the 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 Fertiliser Company is a significant step in attaining self sufficiency in the case of fertiliser. As Fatima Fertiliser grows and expands a key milestone in our goals is the creation of this ADR program,” said Chief Executive Officer Fawad A Mukhtar. “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 Fertiliser will be the first Pakistani stock readily available to both retail and institutional investors,” said BNY Mellon Depositary Receipts Business Chief Executive Officer Michael Cole-Fontayn.
He also added, “With our advisory and transactional expertise, we can offer Fatima Fertiliser Company Limited greater exposure in the world’s capital markets.”
