DELEK GROUP LAUNCHES SPONSORED ADR PROGRAM WITH CITI
Tel Aviv, London, New York - October 19, 2009 – Delek Group (TASE: DLEKG), a leading Israeli energy and infrastructure group, (hereinafter "the Company" or "Delek Group") announced that it has launched a sponsored Level 1 American Depositary Receipt (ADR) program.
Citi’s Global Transaction Services business, acting through Citibank N.A. has been appointed as the depositary bank for Delek’s ADR programme and will become sponsor to what had previously been an unsponsored ADR program.
Delek Group’s ADRs will trade in the OTCQX marketplace, a premier tier of the U.S. over-the-counter (OTC) market, under the symbol DGRLY. Delek’s ordinary shares are listed on the Tel Aviv Stock Exchange (TASE) under the symbol DLEKG. Each ordinary share is represented by 10 ADRs.
"This is an important step in positioning ourselves as a major international group. The Delek Group currently encompasses all stages of the energy and infrastructure chain with a leading presence on four continents, including 1600 fuelling stations worldwide & two successful natural gas finds, as well as insurance assets and the number one automotive importer and distributor in the Israeli market," commented Asaf Bartfeld, CEO of Delek Group. "We believe that the decision to launch a sponsored ADR program will add value both to our existing and potential shareholders, by providing greater access to the Company and its opportunities to all investors based in the U.S."
Ayden Dagg, Head of Depositary Receipt Services for Europe, the Middle East and Africa, Citi said, "By leveraging Citi’s valued-added resources, including our product and market expertise, wealth of experience in investor relations support and unmatched global distribution network, we will be able to help Delek Group maximise the benefits of their ADR program.
Global Transaction Services, a division of Citi’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, Citi’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2009, it held on average $314 billion in liability balances and $11.8 trillion in assets under custody.
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
About Delek Group
Delek Group is the leading energy & infrastructure group based out of Israel with investments in upstream & downstream energy, water desalination and power plants globally. In addition, Delek is the number one importer & distributor of vehicles in Israel and owns insurance assets in Israel and the US. Earlier this year, Delek Group, through its subsidiaries, discovered significant quantities of high quality natural gas off the coast of Israel. Delek Group sales reached 48 billion Israeli shekel in 2008. For more information on Delek Group please visit www.delek-group.com.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.