MONTERREY, Mexico–(hospitalitybusinessnews.com)– Fibra Inn has approved the implementation of an American Depositary Receipt (ADR) Level 1 program, the first ADR program launched by any of the Mexican Fibras.
Fibra Inn appointed The Bank of New York Mellon, a global leader in asset and investment management services, as its ADR depositary bank.
Each ADR will represent 10 Real Estate Certificates (Certificados Bursátiles Fiduciarios Inmobiliarios or “CBFIs”) and will trade on the over-the-counter (OTC) market under the ticker symbol: DFBRY. Fibra Inn’s CBFIs will continue to trade on the Mexican Stock Exchange under the same ticker symbol: FINN13. It is important to mention that the launch of the ADR program will not result in an increase in the number of outstanding CBFI’s.
Miguel Aliaga, Chief Financial Officer stated: “The implementation of an ADR program shall facilitate trading of Fibra Inn’s securities for international investors. Investors have the option of purchasing securities via a trustworthy and recognized instrument in the global markets. Additionally, the program reaffirms the Company’s leadership position in the Fibra sector as the first to implement an ADR program with the goal of continuing to expand the investor base and strengthen liquidity.”
The new program officially began to operate on Monday, December 28, 2015.