Story posted at 3:45 p.m. EDT/12:45 p.m. PDT, 10/14/97
TSMC to be listed on NYSE
NEW YORK -- Citibank N.A. announced today that it has established an American Depositary Receipt (ADR) program for Taiwan Semiconductor Manufacturing Co. (TSMC). This is the first ADR program from Taiwan to be listed on the New York Stock Exchange, according to Citibank.
The ADR shares for the program will trade on the NYSE with each American depositary share (ADS) issued under the program representing 5 common shares. The ADRs will trade under the symbol TSM.
TSMC, the world's leading semiconductor foundry, was founded in 1987 as a joint venture with the government of the ROC, Philips Electronics N.V. and certain affiliates, and other private investors. TSMC was first listed on the Taiwan Stock Exchange in 1994.
From 1992 to 1996, TSMC's net sales grew from NT$6,511 million to NT$39,400 million and its net income grew from NT$1,153 million to NT$19,401 million, increasing at compound annual growth rates of 57% and 103%, respectively.
"The listing of TSMC on the New York Stock Exchange reflects our commitment to continued growth," said Gary Tseng, TSMC senior vice president & CFO. "By participating directly in the U.S. capital markets, we can further enhance our relationship with U.S. investors."
"Citibank is pleased to establish this ADR program for TSMC," said James Donovan, managing director at Citibank. "This opportunity reflects investor confidence in new market opportunities, as well as continued interest in international portfolio diversification." |
