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Depository Receipts
A negotiable certificate held in the bank of one country
representing a specific number of shares of a stock
traded on an exchange of another country
American Depository Receipt (ADR)
Global Depository Receipt (GDR)
Structure of ADR
Level 1 - OTC Traded - Can no listed on Exchange
Level 2 - Listed on Stock Exchange
Level 3- All Issuer to raised capital through Public Offer
Reg S Type Depositary Receipts - GDR can be
traded from any kind of investor to any kind of investor.
Pairing Type - combination of the Reg S type GDR
and a Rule 144A ADR.
Rule 144A ADR - privately placed through Qualified
Institutional Buyers in the U.S.
Saturday 19 June 2010 6
GDR Advantages to Issuer
Ease of Investment
Simple to Trade
Global Access ( Diversification of Portfolio )
Enables Comparison
Access to Institutional Investors