CITI APPOINTED DEPOSITARY FOR LE GAGA HOLDINGS LIMITED'S SPONSORED ADR PROGRAM
New York - November 5, 2010 – Citi announced today that its Global Transaction Services business, acting through Citibank N.A., has been appointed by Le Gaga Holding's Limited's ("Le Gaga"), a China-based company, as the depositary bank for its NYSE-listed Level 3 American Depositary Receipt (ADR) program.
Le Gaga's ADR program was established through a $103,280,190 offering, originally priced at $9.50 per ADR. The ADRs are listed on NASDAQ under the symbol "GAGA". Each ADR represents 50 ordinary shares; however, as a single-listed ADR program, the underlying ordinary shares are not listed or publicly traded in the issuer's home market.
Auke Cnossen, CFO, Le Gaga Holdings Limited remarked, "Le Gaga Holdings Limited is pleased and confident to have selected Citi as our ADR depositary. We look forward to providing value to our shareholders, by leveraging Citi's value-added resources and strong track record."
Miguel Perez-Lafaurie, Head of Depositary Receipts at Citi for the Asia Pacific Region said, "We are very pleased to have been appointed by Le Gaga to participate in their ADR capital raising as depositary bank. We look forward to assisting them in building and maintaining a successful ADR program through Citi's investor relations expertise and its unmatched global equity distribution network."
For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.
Global Transaction Services, a division of Citigroup's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup's Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody.
About Le Gaga
Le Gaga is one of the largest greenhouse vegetable producers as measured by the area of greenhouse coverage and one of the fastest growing major vegetable producers in China. Through its subsidiary China Linong International Limited, the Company sells and markets over 100 varieties of vegetables to wholesalers, institutional customers and supermarkets in China and Hong Kong with a trusted brand among customers. In particular, the Company supplies vegetables to supermarkets, such as Walmart in China and Wellcome, ParknShop and Vanguard in Hong Kong. The Company currently operates 16 farms with an aggregate area of 1,257 hectares in the Chinese provinces of Fujian, Guangdong and Hebei. The Company produces and sells high quality vegetables all-year-round leveraging its large-scale greenhouses, proprietary horticultural know-how and comprehensive database. Additional information may be found at: http://www.legaga.com.hk.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.