Thursday, October 6, 2011

Sakari / Bank of New York Mellon (BNYM) / ADRs

Sakari / Bank of New York Mellon (BNYM) / ADRs:
BNYM has via a series of transactions, pared down its stake in Sakari from 7.79% to 6.98%.
Incidentally, it was reported yday that BNYM was sued by the City of New York, for allegedly defrauding clients in foreign currency trades. The bank earned US$2b through a 10-year fraud in which it misrepresented to customers its pricing practices, according to the complaint. Public and private pension funds were victims.
BNYM is one of the leading depository banks, and Sakari is one of the securities in which BNYM has issued ADRs. Click here for link to full list of Spore counters with ADRs issues by BNYM: http://www.adrbnymellon.com/dr_country_profile.jsp?country=SG&start=50&displayAll=&startofpage=0&startofnext=73&startofprev=0

Recall, DBSV downgraded Sakari to Hold from buy with TP slashed from $3.30 to $1.89 due to its smaller scale, and as its earnings are more vulnerable to coal price shocks. For more details, refer to yday’s 9.34am post.

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