Delek Group, an Israeli energy and infrastructure group, has launched a sponsored Level 1 American Depositary Receipt (ADR) programme. Citi’s Global Transaction Services (GTS) business, acting through Citibank, has been appointed as the depositary bank for Delek’s ADR programme and will become sponsor to what had previously been unsponsored.
Delek Group’s ADRs will trade in the OTCQX marketplace, a premier tier of the US over-the-counter (OTC) market, under the symbol DGRLY. Delek’s ordinary shares are listed on the Tel Aviv Stock Exchange (TASE) under the symbol DLEKG. Each ordinary share is represented by 10 ADRs.
“This is an important step in positioning ourselves as a major international group. The Delek Group currently encompasses all stages of the energy and infrastructure chain with a leading presence on four continents, including 1600 fuelling stations worldwide and two successful natural gas finds, as well as insurance assets and the number one automotive importer and distributor in the Israeli market,” said Asaf Bartfeld, chief executive officer (CEO) of Delek Group. “We believe that the decision to launch a sponsored ADR programme will add value both to our existing and potential shareholders, by providing greater access to the company and its opportunities to all investors based in the US.”
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