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Karachi: US regulator, Finra has given its approval to the Bank of America‐ Merrill Lynch to act as a Market maker by facilitating the trading of Fatima’s American Depository Receipt (ADR) in the US over the counter (OTC) markets.
According to Alfalah Securities Limited, Fatima’s ADRs would be traded under the symbol of “FTMY” in the OTC markets of US where BNY Mellon, appointed by Fatima a year ago, would serve as a depository bank for its ADR program.
The company would not raise fresh capital through the ADR program rather it would facilitate Fatima’s overseas investors to deposit their shares with the Bank of New York Mellon (the Depository Bank) and would be issued ADRs representing such shares. The ADRs issued would then be available for trading in the OTC market’s thus providing an opportunity to foreign investors to trade in Pakistan equities. Alfalah Securities Limited recommends a “Buy” on the stock at current levels which trades at CY12E P/E of 5.77x.