BNY Mellon has been selected by Sinotel Technologies Limited (Sinotel) as the depositary bank for its American depositary receipt (ADR) program. Each Sinotel ADR represents 20 ordinary shares and trades on the over-the-counter (OTC) market. Sinotel ordinary shares trade on the Singapore Stock Exchange under the symbol "STEL."
Sinotel provides wireless telecommunication network infrastructure solutions, hardware and software support, and distribution of telecommunication devices. The company's Network Infrastructure Solution is a multi-carrier wireless system that enhances customers' wireless telecommunication networks and is compatible with various communication networks such as GSM, CDMA, PHS and WLAN as well as 3G networks. Sinotel's Network Support Solutions can also be integrated into existing telecommunication network infrastructure to deploy new and enhanced voice communication services for wireless users and to manage the provision of value-added data services.
"By establishing this DR program we will be able to optimize U.S. investor interest in our company," said, Jason Li, chief executive officer of Sinotel. "We look forward to working with BNY Mellon and are confident that as the world's leading depositary bank, they have the resources necessary to effectively support our investor outreach initiatives and grow demand for our DRs."
"We look forward to helping Sinotel raise its visibility and broaden its shareholder base in the U.S.," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "We are confident that Sinotel's DR program will build upon their growing momentum and aid in their global expansion. We are committed to providing Sinotel with all the resources required to ensure this program is successful."