Thermoplastic resin manufacturer Braskem has appointed BNY Mellon as the depositary bank for its American depositary receipt (ADR) programme.
Each ADR represents two preferred shares and trades on the New York Stock Exchange (NYSE) under the symbol BAK. Braskem's preferred shares trade on the BM&F Bovespa under the code BRKM5.
Braskem is the largest manufacturer of thermoplastic resins in the Americas, with an annual output of over 20 million metric tons, including other basic chemical and petrochemical products, with an annual revenue of ZAR54 billion. With the aim of creating sustainable solutions in chemistry and plastics, Braskem is present in over 70 countries, with 8,000 members, and operates 40 industrial units located in Brazil, the US, Germany, and Mexico – the latter in partnership with the Mexico-based chemical company, Grupo Idesa.
"We look forward to working closely with Braskem and enhancing their access to American investors," says Christopher M Kearns (pictured), CEO of BNY Mellon's depositary receipts business. "This programme reinforces our strong position in the Latin American market and our commitment to serving companies there."