Colombia's state oil company Ecopetrol has filed documents with US financial regulator SEC to list level two ADRs on the NYSE.
Each ADR will represent 20 Ecopetrol shares and 20mn ADRs will be available in the initial listing, the company said in a statement. Ecopetrol expects the ADRs to begin trading on September 18.
The ADR is not a new offering, but will allow shares currently trading in Colombia to be available on the NYSE.
A company spokesperson told BNamericas that no immediate plans were underway for a level three ADR, the highest listing foreign firms can achieve on the NYSE which allows new capital to be raised from US investors.
"We are just going to start with the level two ADR for the time being," the spokesperson said.
Ecopetrol raised US$2.8bn by selling 10.1% of the company in a domestic IPO in 2007. Colombia's government has authorized Ecopetrol to sell up to 20% of the company, but a decision to sell the remainder will depend on the company's investment needs.
The company plans to invest US$60bn through 2015 to meet a production goal of 1Mb/d.
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