CNOOC Starts Trading on Toronto Stock Exchange
Chinese oil company CNOOC Limited has announced that the Toronto Stock Exchange (TSX) has approved the listing of the Company’s American Depositary Receipts (ADRs) on the TSX at the opening of the market today. The Company’s listing symbol is CNU.
Wang Yilin, Chairman of the Company commented, “Trading on the TSX isn’t just about broadening our shareholder base. It also provides investors with more choices in terms of exchange venues and currencies. We strive to demonstrate how CNOOC Limited works to create great value to our shareholders and stakeholders.”
Li Fanrong, CEO of the Company commented, “Canada became an important investment destination for CNOOC Limited following our acquisition of Nexen. Listing on the TSX represents our continuous commitment to maintaining transparency and good corporate governance in the countries where we operate.”
CNOOC Limited trades common shares on the Hong Kong Stock Exchange (code: 00883). On the New York Stock Exchange (NYSE), the ADRs are traded under the symbol CEO. ADRs are commonly used by foreign public issuers to enable trading of securities in the United States. The ADRs listed on the TSX are the same instruments as those listed on the NYSE, but are denominated in Canadian rather than U.S. dollars. One CNOOC Limited ADR is the equivalent of 100 common shares of CNOOC Limited.
Press Release, September 18, 2013