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Swire Properties to terminate American depositary receipts program

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Swire Properties to terminate American depositary receipts program

Swire Properties Ltd. will terminate its American depositary receipts level 1 program, effective Sept. 5, 2019, citing low and dropping participation level.

The Hong Kong-based property developer said the program provided an opportunity for its shares to be traded in the over-the-counter market in the U.S.

According to a Dec. 18 filing, outstanding ADRs represent approximately 0.000003% of Swire Properties' total issued shares.

The Bank of New York Mellon is the program's sponsor.