UPM-Kymmene establishes sponsored level one ADR program

Archive 5.9.1996 0:00 EEST

UPM-Kymmene Corporation today announced the establishing of a sponsored level-one American Depositary Receipt (ADR) program. The American Depositary Shares, each of which represent one share FIM 10, are traded on the US OTC market.
The level one ADR program is not listed in any of the US stock exchanges. The program facilitates the US institutional and private investors' investments in UPM-Kymmene, as the securities trade in U.S. dollars.
UPM-Kymmene was formed in April 1996 with the merger of Repola Limited and Kymmene Corporation. Repola's ADR program, established in 1994, was terminated at the time of the merger. That program had resulted in approximately 5000 shareholders in the United States, representing about 2% of the company's total number of shares.
The depositary bank for the program is Citibank N.A.. The custodian bank in Finland is Merita Bank Ltd.
UPM-Kymmene is the largest forest industry company in Europe and one of the largest in the world. Forest industry operations account for over 80% of net sales, mainly in Europe.