Regulatory Actions By SGX::TRADING SUSPENSION AND DEQUOTATION ON GLOBALQUOTE: PETROCHINA ADR 10

Issuer & Securities

Issuer/ Manager
BANK OF NEW YORK MELLON
Securities
PETROCHINA ADR 10 - US71646E1001 - K3OD
Stapled Security
No

Announcement Details

Announcement Title
Regulatory Actions By SGX
Date &Time of Broadcast
01-Sep-2022 18:00:40
Status
New
Announcement Sub Title
TRADING SUSPENSION AND DEQUOTATION ON GLOBALQUOTE: PETROCHINA ADR 10
Announcement Reference
SG220901OTHRUYWC
Submitted By (Co./ Ind. Name)
SINGAPORE EXCHANGE REGULATION PTE. LTD.
Designation
SINGAPORE EXCHANGE REGULATION
Description (Please provide a detailed description of the event in the box below)
We refer to the earlier announcement on 24 August 2022, which contained the termination notice issued by the Bank of New York Mellon ("Depositary"). The Depositary announced that the deposit agreement dated 29 March 2000, among PetroChina Company Limited ("PetroChina"), the Depositary, and owners and holders of PetroChina's American Depositary Receipts ("ADRs") ("Deposit Agreement"), will be terminated. As a result, the existing ADR facility will be terminated effective at 5:00 PM (Eastern Time) on 17 October 2022.

Investors are hereby notified that PetroChina had, on 29 August 2022, filed Form 25 with the U.S. Securities and Exchange Commission ("SEC") for the delisting of its American depositary shares ("ADSs") from the New York Stock Exchange ("NYSE") ("Delisting"). The Delisting is expected to become effective 10 days after the filing of Form 25 and the last day of trading on the NYSE will be on or about 8 September 2022.

Under the terms of the Deposit Agreement, investors have until at least 20 October 2023 to surrender their ADRs for delivery of the underlying shares. Subsequent to 20 October 2023, the Depositary may attempt to sell the underlying shares.

In view of the last trading date, Singapore Exchange Regulation will be suspending the ADRs on GlobalQuote after SGX-ST market close on 8 September 2022. Singapore Exchange Regulation will cease the quotation of the ADRs on GlobalQuote after SGX-ST market close on 16 September 2022.

Investors have the following options:

1. Transfer their ADRs into their account with a U.S. broker using the attached CDP form "Request for Cross-Border Securities Transfer (USA)". After which, they may continue to hold their ADRs with the U.S. broker or sell their ADRs over the counter in the U.S..

2. Convert their ADRs to the underlying shares listed on the Hong Kong Exchange. The SGX ADR Conversion Guide is enclosed for your reference.

If holder of the ADRs do not take any action by 30 September 2022, CDP will liquidate the ADRs held with CDP on 7 October 2022 and return the proceeds to investors. CDP will absorb the costs related to the sale.

Investors may refer to the SEC's EDGAR, https://www.sec.gov/edgar.shtml, for the latest company filings.

Attachments

Request for Cross Border Securities Transfer USA.pdf
SGX ADR CONVERSION GUIDE_May 2021.pdf
Total size =4529K