JP Morgan announced the launch of a new ADR from Brazil for BRMALLS Participacoes S.A. The ADR will be listed in the OTC market with ticker: BRMSY. “BRMALLS is an owner and operator of shopping centers in Brazil. They also provide management and consulting services for shopping, commercial and business centers as well as leasing and merchandising services for stores and common spaces in shopping centers”.
Details:
ADR effective date: December 24, 2008
Symbol: BRMSY
Traded: OTC
Ratio: 1 ADR: 2 Common Shares
Country of incorporation: Brazil
Industry: Real Estate
Profile:
“BRMALLS is the largest integrated shopping mall company in Brazil, with a portfolio of 34 malls, comprising 985.2 thousand m² of total GLA and 429.1 thousand m² of owned GLA with about 5.9 thousand stores and total sales of R$ 7.5 billion in 2007. Our average ownership interest in shopping malls is 43.4%. BRMALLS’ average ownership interest in each of the 34 shopping in its portfolio reflects the weighted average of its ownership interests in the individual shopping malls. Currently, BRMALLS has been developing 5 new shopping malls located in São Paulo state ( Mooca and Granja Vianna), Rio de Janeiro state ( Cabo Frio) and Minas Gerais (CBTU and Sete Lagoas), which will jointly add 149.4 thousand square meters of total GLA and 112.2 thousand square meters of owned GLA to our portfolio. BRMALLS has 11 expansion planned, which will add 73.4 thousand square meter of owned GLA to our portfolio by 2009.”
Corporate Site: www.brmalls.com.br
This company sounds interesting. Could not find a quote yet since it stated trading just yesterday. We will revisit this ADR next year.
